Uncertainty in Sino-US Trade Frictions Persists, SHFE Tin Prices See Slight Upward Adjustment in Short-Term Resistance Level [SMM Tin Midday Review]

The opening price of the most-traded SHFE tin contract today was 256,360 yuan/mt, slightly lower than the previous closing price of 257,710 yuan/mt. Subsequently, it showed a fluctuating consolidation trend. By midday, market trading activity was moderate, and the price fluctuation range narrowed, indicating a tug-of-war between bulls and bears at key points. Supply side: Recently, COMEX tin inventory has increased significantly, leading to higher international supply pressure. However, domestically, the accelerated resumption of work after the Chinese New Year, coupled with the continuation of Myanmar's mining ban policy, has kept tin ore imports uncertain, maintaining an overall tight supply pattern. Demand side: The US's delay in imposing additional tariffs on Canada and Mexico (with a one-month grace period) has stimulated stockpiling demand for electronic product exports. As an important raw material for solder, tin's short-term demand is expected to increase. Additionally, the expansion of the AI industry chain and the electronics sector further supports the long-term demand for tin. Weak US dollar index: The depreciation of the US dollar has boosted SHFE tin prices denominated in yuan, while the strong performance of gold and other precious metals has also provided correlated support to the non-ferrous metals sector. Trade policy disruptions: The uncertainty surrounding US-China trade tensions continues to pose potential pressure on the imported tin supply chain, keeping the market vigilant. From a technical perspective, after the most-traded SHFE tin contract recently broke through the 260,000 yuan/mt level, the short-term resistance level has moved up to around 265,000 yuan/mt, while the lower support level is focused on 255,000 yuan/mt. It is expected that SHFE tin futures prices will continue to consolidate at high levels in the afternoon, with the fluctuation range likely narrowing to 255,000-258,000 yuan/mt.