According to the SMM survey, as of last Friday, the total social inventory of tin ingots in the three regions surveyed by SMM was 8,177 mt, a decrease of 1,101 mt WoW.
Last week, SHFE tin prices experienced considerable fluctuations, showing a trend of initial decline followed by a rebound. The market dynamics were volatile, and trading sentiment fluctuated significantly. At the beginning of the week, SHFE tin prices were influenced by international macroeconomic factors, particularly the US Fed and the US dollar index, leading to cautious market sentiment. Prices were suppressed during the opening phase, showing weak consolidation and repeatedly testing key support levels without achieving a significant upward breakthrough. Market participants remained highly attentive to the uncertainty surrounding future US Fed policies, which exerted some pressure on SHFE tin futures prices. However, the situation changed mid-week. After a brief adjustment, SHFE tin futures prices began to rebound after hitting intraday lows. As market sentiment gradually stabilized, buying strength increased, pushing prices steadily upward. By the latter part of the week, SHFE tin futures prices continued their rebound. Despite ongoing uncertainties, the price increase indicated a certain level of optimism among market participants regarding future tin market demand. In the spot market, transactions were quite active last week. As tin prices gradually declined, downstream enterprises completed their restocking. However, towards the end of the week, the unclear trend of SHFE tin prices led to a weakening of purchase willingness among downstream enterprises, who opted to adopt a wait-and-see approach, reducing their buying activities and awaiting a market price inflection point. For trading enterprises, shipments remained at a high level last week, and inventory decreased rapidly. Due to the significant reduction in available spot cargo, most trading enterprises began to slightly increase the premiums and discounts on spot cargo to cope with changes in the supply-demand relationship. In summary, SHFE tin futures prices transitioned from weakness to strength last week, with market dynamics influenced by both macroeconomic factors and the supply-demand relationship. Market participants need to closely monitor changes in international economic policies and the supply-demand situation in the tin market to more accurately grasp future price trends.
