Tin Prices Reach the 260,000 Mark: Demand Hesitation and Policy Support in Tug-of-War [SMM Tin Midday Review]

[SMM Tin Midday Review: Tin Prices Break Through the 260,000 Yuan Mark Amid Demand Hesitation and Policy Support Tug-of-War] March 12, 2025, midday commentary on the most-traded SHFE tin futures contract (2504): The most-traded SHFE tin 2504 contract closed at 264,330 yuan/mt at midday, up 0.70%, with a high of 264,610 yuan/mt and a low of 262,550 yuan/mt. Trading volume reached 49,800 lots, and open interest slightly increased to 30,600 lots. Intraday fluctuation characteristics: After opening in the morning, prices fluctuated upward, with bulls briefly pushing prices to 264,600 yuan/mt. The domestic and overseas markets moved in the same direction: LME tin rebounded to $33,150/mt after opening lower in the morning, while the import window remained closed. Daily chart analysis: Prices held above the 20-day moving average (260,000 yuan/mt), with the MACD red bar shortening and RSI at a neutral level of 55. In the short term, prices may continue to fluctuate within the 262,000–266,000 yuan/mt range. Resistance/Support levels: Resistance at 265,500 yuan/mt, support at 262,000 yuan/mt. Currently, high tin prices are suppressing downstream restocking willingness, with end-use sectors such as electronic solder and tinplate primarily engaging in just-in-time procurement. However, policy measures like the "trade-in" program and high home appliance production schedules provide potential support for demand.