DRC Government Recently Sought Military Aid from US, SHFE Tin Prices Fluctuate Rangebound During Daytime [SMM Tin Noon Commentary]

March 25, 2025 Midday Commentary on the Most-Traded SHFE Tin Contract The most-traded SHFE tin contract (SN2504) maintained a rangebound fluctuation in the morning session and closed at 273,900 yuan/mt, down slightly by 0.81% from the previous day's settlement price. The intraday trading range was 272,900-276,110 yuan/mt. Open interest decreased by 2,322 lots to 16,500 lots, indicating a wait-and-see attitude among investors. LME tin also fluctuated rangebound, closing at $34,290/mt in the midday session, up 0.04%. Recently, the DRC government sought military aid from the US, opening the Kolwezi airbase and accepting $30 million worth of military equipment, aiming to weaken Chinese companies' control over local cobalt mining rights. Although the technical means provided by AFRICOM, such as drones and satellite reconnaissance, are limited by the complex battlefield environment, the geopolitical shift may lead to a revaluation of the tin ore supply chain by international capital. Midday Trend Forecast: The most-traded SHFE tin contract is expected to fluctuate narrowly within the 275,000-278,000 yuan/mt range. If news of an escalation in conflict between the DRC government and M23 intensifies in the afternoon, prices may briefly test 278,000 yuan/mt; if rumors of resumed production in Myanmar materialize, it could probe support at 275,000 yuan/mt.