SHFE Tin Prices Remain in a High-Level Fluctuation Pattern, Spot Market Transactions Stagnate [SMM Tin Midday Review]

February 21, 2025, Midday Review of SHFE Tin 2503 Contract

On the morning of February 21, 2025, the SHFE tin 2503 contract fluctuated rangebound. The opening price was 264,700 yuan/mt, with an intraday high of 263,800 yuan/mt, and it eventually closed at 264,030 yuan/mt, up 3,090 yuan or 1.18% from the previous trading day. The trading volume was 46,600 lots, and open interest decreased by 1,950 lots to 23,700 lots.

From a technical perspective, the most-traded SHFE tin contract hovered at highs within the range of 260,000 to 265,000 yuan/mt, lacking a clear direction in the short term. The spot market remained sluggish this morning, with overall trading volume staying low. Downstream enterprises reported a decline in end-user order volumes, with many adopting a wait-and-see approach.

In the short term, SHFE tin futures prices are expected to hover at highs, with a reference range of 262,000 to 268,000 yuan/mt. Tight supply conditions and potential growth in new energy demand will continue to support tin prices, but uncertainties in macro policies and weak traditional consumption may limit the upside room for prices. Investors should closely monitor the progress of tin mine resumption in Myanmar and the recovery of downstream orders.