SHFE Tin Prices Rebounded Out; Spot Transactions Declined Significantly WoW [SMM Analysis]

According to an SMM survey, as of June 28, SMM tin social inventory in Shanghai, Jiangsu and Guangdong was 16,317 mt, down 285 mt WoW. Tin prices showed a trend of bottoming out last week. At the beginning of the week, SHFE tin prices stabilized at around 272,000 yuan/mt. However, by the end of trading session on Tuesday, tin prices started to decline sharply, reaching the week's lowest point of 261,000 yuan/mt. Later, the prices rebounded, rising to nearly 274,000 yuan/mt by Friday. The initial decline in SHFE tin prices stimulated a large number of downstream producers to make purchases to replenish inventory and meet rigid demand. However, as tin prices gradually rebounded in the following trading days, the producers turned to a wait-and-see approach. Due to the rise in tin prices on Thursday and Friday, trading atmosphere turned more subdued and transactions decreased notably WoW.