The Anti-Government Armed Group M23 Decides Not to Participate in Peace Talks; SHFE Tin Prices Fluctuate Rangebound [SMM Tin Midday Review]

March 18, 2025 SHFE Tin Futures Most-Traded Contract Midday Commentary

The most-traded SHFE tin futures contract (SN2504) opened lower in the morning session at 281,800 yuan/mt, fluctuated rangebound during the session, and closed at midday at 279,950 yuan/mt, 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 and capital outflows evident.

Open interest reduction: The open interest of the most-traded contract decreased for the second consecutive day, indicating 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. A breakthrough would require stronger momentum.

​Macro disturbances: The M23 movement, a rebel group in the Democratic Republic of Congo reportedly supported by Rwanda, decided not to participate in peace talks held on Tuesday in Luanda, the capital of Angola. On Monday, the European Union sanctioned three Rwandan military commanders and mining institution leaders, accusing them of supporting senior members of the M23 movement and armed groups in eastern Democratic Republic of Congo.