US Dollar Index Fluctuations Combined With International Geopolitical Disturbances May Lead SHFE Tin Prices to Fluctuate Upward [SMM Tin Midday Review]

SHFE Tin Futures 2503 Contract Midday Review

The SHFE tin 2503 contract opened steadily today at 262,320 yuan/mt, up 1,260 yuan from the previous trading day's settlement price of 261,060 yuan/mt. Prices fluctuated rangebound in the morning session and pulled back slightly to around 260,800 yuan/mt before midday, down approximately 0.6% from the previous settlement price. The market showed significant divergence between bulls and bears, with moderate trading activity.

Overnight in the overseas market, LME tin prices fluctuated amid movements in the US dollar index and disruptions from international geopolitical events. Domestically, SHFE tin was supported by overseas supply risks, but seasonal weakness on the demand side continued to limit the rebound in prices. LME inventory data showed that as of February 18, LME tin inventory increased slightly to 3,930 mt, while the trend of domestic unreported inventory becoming visible persisted, keeping overall supply pressure relatively small.

From a technical perspective, the SHFE tin 2503 contract on the daily chart is near the upper boundary of its fluctuation range, with short-term support around 262,000 yuan/mt and resistance at the 265,000 yuan/mt level. Intraday trading volume slightly decreased compared to the previous day, while open interest remained relatively unchanged, indicating a cautious sentiment among market participants.

Market Outlook

The SHFE tin 2503 contract is expected to maintain afluctuate upwardtrend in the afternoon, with prices likely to move within the range of 261,500-264,000 yuan/mt.