Last week, SHFE tin showed a fluctuating rebound trend, and the spot market was less active compared to previous periods. [SMM Tin Morning Brief]

SMM Tin Morning Brief on January 20, 2025:

Last week, SHFE tin futures prices showed a trend of hitting bottom and rebounding. Specifically, on January 13, the most-traded SHFE tin contract opened at 251,010 yuan/mt, then climbed, reaching an intraday high of 251,860 yuan/mt. However, as market sentiment shifted, prices gradually pulled back, with a decline of 1.47%. Mid-week, SHFE tin futures prices remained under pressure. On January 15, influenced by macro data and market sentiment, SHFE tin futures prices further dropped, hitting a low of 243,400 yuan/mt, with the decline widening. Although prices rebounded in subsequent trading days, the overall trend remained downward. By the close on January 17, the most-traded SHFE tin contract price had dropped slightly compared to the opening price at the beginning of the week. In the spot market, tin prices this week were similarly affected by fluctuations in the futures market, showing corresponding adjustments. Due to the decline in futures prices, spot tin prices also fell. Traders and downstream consumer enterprises exhibited a wait-and-see attitude during the price decline, with purchase willingness decreasing. On the consumption side, as tin prices fell, some downstream enterprises began considering buying the dip. However, overall, the consumer market remained highly sensitive to tin prices, with marginal weakening in spot consumption. Additionally, influenced by the macroeconomic environment and industry policies, consumption demand in some downstream industries remained sluggish.