SHFE tin prices remained high and volatile, while trading in the spot market was sluggish. [SMM Tin Midday Review]

April 1, 2025 Midday Commentary on the Most-Traded SHFE Tin Contract

The most-traded SHFE tin contract (SN2505) showed a high-level sideways movement in the morning session, opening at 287,500 yuan/mt. Influenced by supply disruptions caused by the earthquake in Myanmar and macro policy dynamics, the contract maintained a high-level consolidation during the morning session, closing at 287,600 yuan/mt at midday, up 0.51% from the previous day's settlement price. The turnover reached 48.047 billion yuan, and open interest increased by 2,252 lots to 42,200 lots, with market sentiment leaning cautious.

Impact of Myanmar Earthquake on Resumption Expectations: The 7.9-magnitude earthquake in Myanmar on March 28 did not directly damage mining areas, but the resumption meeting for the Manxiang mining area in Wa State was postponed, making it difficult to reverse the tight raw material supply in the short term.

Midday Trend Forecast: The most-traded SHFE tin contract is expected to maintain a sideways movement within the range of 283,000-289,000 yuan/mt.