Last Week SHFE Tin Prices Fluctuated at High Levels, Jointly Dominated by Tight Supply and Demand and Cautious Macro Sentiment [SMM Tin Morning Brief]

March 24, 2025 SMM Tin Morning Brief: Last week, SHFE tin prices exhibited a "jump initially and then pull back - recovery and rebound - sideways movement at high levels" trend. March 17: The most-traded SHFE tin contract (SN2504) closed at 283,520 yuan/mt, up 0.27% from the previous day, extending the upward momentum driven by supply tightness expectations due to the suspension of tin mines in DRC. However, the spot market was cautious, with limited downstream acceptance of high prices. March 18: Prices saw a significant pullback, with the most-traded SHFE tin contract hitting an intraday low of 278,250 yuan/mt, down 1.21%. Uncertainty over peace negotiations in DRC triggered profit-taking by longs. Mid-week, after dipping to 279,010 yuan/mt, prices rebounded, closing at 281,780 yuan/mt, up 0.39%. Ongoing supply disruptions (the shutdown of the Bisie tin mine in DRC affecting 6% of global supply, and delays in resuming production in Myanmar) supported price recovery. March 20: The market awaited guidance from the US Fed's interest rate meeting, with prices fluctuating rangebound between 280,000-283,000 yuan/mt. March 21: The most-traded SHFE tin contract closed at 276,150 yuan/mt, down 1.02%, with an intraday low of 273,320 yuan/mt. Sideways movement: The price center of the most-traded SHFE tin contract last week remained within 276,000-283,000 yuan/mt, repeatedly testing the support level at 280,000 yuan/mt and the resistance level at 300,000 yuan/mt. In summary, the market volatility was jointly dominated by tight supply and demand and cautious macro sentiment.