[SMM Tin Futures Review: Supply-Demand Tight Balance Meets Macro Tailwinds as SHFE Tin Seeks Direction in Fluctuations] On September 15, 2025, the most-traded SHFE tin 2510 contract fluctuated rangebound. Prices edged higher in the afternoon session, opening at 273,880 yuan/mt, hitting an intraday high of 275,030 yuan/mt and a low of 272,320 yuan/mt, before closing at 273,960 yuan/mt, up 1,110 yuan or 0.41% from the previous settlement price. Daily trading volume was 54,239 lots, while open interest fell by 1,373 lots to 26,117 lots, reflecting overall cautious market sentiment. Meanwhile, LME tin futures prices were volatile, trading at $34,735/mt at 10:00 Beijing time, down $220, with an intraday high of $34,990 and a low of $34,635; by 18:00, prices rebounded to $34,935/mt, indicating that overseas markets remained cautious amid US dollar fluctuations and trade negotiation uncertainties.

[SMM Tin Midday Review: SHFE Tin Fluctuates at Highs Awaiting Fed Decision, Weak Supply and Demand Limits Price Volatility] On the morning of September 15, 2025, the most-traded SHFE tin 2510 contract opened at 273,880 yuan/mt and showed a rangebound fluctuating trend at highs. By the midday close, the price hovered around 274,000 yuan/mt, rising slightly compared to the previous trading day's settlement price. The overall market trading atmosphere remained cautious, with trading volume failing to expand significantly.

China Communications Enterprises Association Supports Ministry of Commerce's Investigation into US-Related Products and Measures SHFE Tin Prices Maintain Fluctuating Rangebound Trend [SMM Tin Morning Brief] The most-traded SHFE tin contract (SN2510) experienced a slight uptick during the night session and continued to hover at highs, closing at 274,100 yuan/mt, up 0.48% from the previous trading day.

[SMM Morning Meeting Minutes: US August Non-Farm Payrolls Data Significantly Below Expectations, Tin Prices Expected to Hover at Highs] Last week, the domestic and overseas tin markets generally fluctuated at highs. From a macro perspective, the US August non-farm payrolls data fell significantly short of expectations, with the unemployment rate rising to 4.3%, reinforcing market expectations for a US Fed interest rate cut in September. The weakening US dollar provided some support for commodity prices. However, Trump's announcement of imposing tariffs on semiconductor imports "soon" sparked concerns about the stability of the global semiconductor industry chain, limiting the upside room for tin prices.

[SMM Tin Midday Review: Macro Sentiment Drives Broad-Based Gains in Nonferrous Metals Sector, SHFE Tin Prices Maintain Fluctuating Upward Trend] At midday on September 12, 2025, the most-traded SHFE tin 2510 contract closed at 273,550 yuan/mt. During the morning trading session, prices fluctuated at highs, once approaching the 275,000 yuan/mt mark, continuing the recent pattern of holding up well. The London Metal Exchange (LME) tin contract closed at $34,700/mt in the previous trading session, up $65 from the previous day, a gain of 0.19%. The simultaneous strength in SHFE and LME tin prices is primarily supported by strengthened expectations for an interest rate cut on the macro front and tight supply fundamentals.

Retail Sales of New Energy Passenger Vehicles Nationwide Fell 3% YoY SHFE Tin Prices Maintained Fluctuating Rangebound Trend [SMM Tin Morning Brief] Futures: The most-traded SHFE tin contract (SN2510) dipped slightly during the night session before fluctuating and rebounding, closing at 272,100 yuan/mt, up 0.27% from the previous trading day.

[SMM Tin Futures Review: Marginal Improvement in Macro Sentiment and Continued Supply-Side Constraints SHFE Tin Prices Showed a Slight Rebound Overall] On September 11, 2025, the most-traded SHFE tin contract 2510 closed at 271,260 yuan/mt in the afternoon, up 1,780 yuan, or 0.66%, from the previous trading day. The intraday trading range was between 270,430 yuan/mt and 272,680 yuan/mt, showing a pattern of fluctuation at highs. Meanwhile, LME tin closed at $34,635/mt, up 1.76%, with a trading volume of 407 lots and a slight decrease in open interest. The slight rebound in tin prices that day was mainly driven by a marginal improvement in macro sentiment and continued supply-side constraints. The US August PPI YoY growth rate unexpectedly slowed to 2.6%, while the core PPI fell 0.1% MoM. This data significantly weakened the US dollar index and strengthened market expectations for a US Fed interest rate cut in September, thereby providing a rebound momentum for US dollar-denominated base metals. However, overall market sentiment remained cautious, as investors closely watched the US CPI data to be released in the evening for clearer policy signals.

[SMM Tin Midday Review: Market Closely Watches US CPI Data to Be Released Tonight; SHFE Tin Maintains Fluctuating Trend at Midday] At midday on September 11, 2025, the most-traded SHFE tin 2510 contract closed at 271,000 yuan/mt, up 1,520 yuan, or 0.56%, from the previous trading day. The trading range during the session was between 270,430 yuan/mt and 272,680 yuan/mt, showing a trend of fluctuating at highs.

Mexico's Minister of Economy stated that they are seeking to raise tariff rates on Asian-made cars to as high as 50%. Driven by macro sentiment, SHFE tin prices saw a slight increase. [SMM Tin Morning Brief] Futures: The most-traded SHFE tin contract (SN2510) experienced a slight rise during the night session and maintained a high-level consolidation, closing at 271,900 yuan/mt, up 0.93% from the previous trading day.

[SMM Tin Midday Review: Tug-of-War Between Sellers and Buyers Intertwined With Macro Caution, SHFE Tin Fluctuates Rangebound in Morning Session] On the afternoon of September 10, the most-traded SHFE tin 2510 contract opened lower at 269,080 yuan/mt and maintained a rangebound fluctuation pattern during the session, closing at 270,370 yuan/mt by midday, up 580 yuan/mt (0.21%) from the previous trading day. The domestic market exhibited a tug-of-war between "strong supply constraints" and "weak actual demand," with the price fluctuation range narrowing and trading activity showing slight caution. Meanwhile, LME tin futures remained under pressure overnight, temporarily quoted at $34,275/mt, up $240 (0.71%). The inventory rebound and narrowing spot premiums suggested a slight easing of short-term supply pressure overseas.