The most-traded SHFE tin contract may maintain sideways movement, with downstream companies reporting weak orders in traditional consumption sectors. [SMM Tin Midday Review]

Published: Mar 28, 2025 11:40

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SMM Tin Midday Review: The Most-Traded SHFE Tin Contract May Maintain Sideways Movement, Downstream Enterprises Report Weak Orders in Traditional Consumption Sectors. In the morning session, the most-traded SHFE tin contract (SN2505) bottomed out, opening at 280,300 yuan/mt and closing at 279,410 yuan/mt by midday, down 0.22% from the previous settlement price. The intraday fluctuation range was 278,800-282,200 yuan/mt, with open interest decreasing by 1,797 lots to 38,800 lots, and market sentiment leaning cautious. LME tin prices also fluctuated, trading at $35,000/mt during the Asian session, down 0.58%.

Midday Commentary on the Most-Traded SHFE Tin Contract, March 28, 2025
The most-traded SHFE tin contract (SN2505) bottomed out in the morning session, opening at 280,300 yuan/mt and closing at 279,410 yuan/mt at midday, down 0.22% from the previous settlement price. The intraday fluctuation range was 278,800-282,200 yuan/mt, with open interest decreasing by 1,797 lots to 38,800 lots, reflecting cautious market sentiment. LME tin prices also fluctuated, trading at $35,000/mt during the Asian session, down 0.58%.

Strong Demand from New Energy and AI Sectors: New energy vehicle retail sales in March increased 41% YoY, while AI server solder demand maintained a 25% growth rate, supporting high-end consumption.

Weakness in Traditional Sectors: Shipments of consumer electronics (mobile phones/PCs) increased only 3.2% YoY, with spot discounts widening to 550 yuan/mt. High prices dampened restocking intentions among small and medium-sized enterprises, with downstream procurement mainly driven by rigid demand.

Midday Outlook: The most-traded SHFE tin contract is expected to fluctuate rangebound between 278,000-283,000 yuan/mt, awaiting the release of social inventory data for tin ingots this Friday.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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