SMM Tin Midday Review: M23 Rebellion Impacts Market Sentiment, SHFE Tin Prices Decline

[SMM Tin Midday Review: M23 Rebel Group Decides Not to Participate in Peace Talks, SHFE Tin Prices Fluctuate Rangebound]

Today, the most-traded SHFE tin SN2504 contract opened lower in the morning at 281,800 yuan/mt and fluctuated rangebound during the session, closing at 279,950 yuan/mt by midday, down 1.18% from the previous trading day's settlement price. The intraday fluctuation range was 281,800–284,000 yuan/mt. Market trading was relatively cautious, with open interest continuing to decline, indicating capital outflows.

Open interest reduction: The open interest of the most-traded contract decreased for the second consecutive day, suggesting that some bulls took profits and exited, intensifying market divergence.

Technical dynamics: The most-traded SHFE tin contract fluctuated repeatedly near the key level of 280,000 yuan/mt, with significant resistance at 285,000 yuan/mt, requiring stronger momentum to break through.