Affected by the resumption meeting in Wa State, the most-traded SHFE tin contract maintained a fluctuating downward trend [SMM Tin Futures Brief].

Daily Review of the Most-Traded SHFE Tin Contract on April 22, 2025

As of today's close, the most-traded SHFE tin contract (SN2505) was quoted at 257,860 yuan/mt, down 0.57% from the previous day's settlement price. During the day, it reached a high of 262,090 yuan/mt and a low of 256,720 yuan/mt, showing a fluctuating downward trend. Open interest decreased by 2,224 lots to 26,554 lots, with a net outflow of 39.7218 million yuan, and market sentiment turned cautious. The LME tin price also faced pressure, and the SHFE-LME ratio pulled back to 8.28.

The resumption of production at the Bisie tin mine in the DRC entered its second phase, with daily average production gradually recovering, alleviating the supply disruption caused by earlier armed conflicts.

The resumption meeting in Myanmar's Wa State will be held tomorrow morning, while domestic tin concentrate TCs remain low.

LME tin inventory stayed at low levels, but daily destocking at the SHFE reached 188 mt, bringing the total to 8,995 mt, with destocking speed maintained and rigid demand remaining firm.

Price range forecast: The most-traded SHFE tin contract is expected to fluctuate considerably within 250,000-265,000 yuan/mt in the short term, while the LME tin price is projected to range between $29,000-33,000/mt.