The market remained cautious, with tin prices fluctuating downward. [Institutional Commentary]

On Tuesday, the most-traded SHFE tin SN2505 contract fluctuated downward during the day and continued to decline at night, while LME tin closed lower. Spot market: It was heard that small brands were at a discount of 200 to a premium of 100 yuan/mt for May, Yunzi brands were at a premium of 100 to 300 yuan/mt for May, and Yuntin was at a premium of 300 to 500 yuan/mt for May. Yunnan Tin: In 2024, the ore volume was 258 million mt, with tin metal content of 626,200 mt, copper metal content of 1.1499 million mt, zinc metal content of 3.661 million mt, indium content of 4,821 mt, tungsten trioxide content of 77,800 mt, lead metal content of 96,300 mt, and silver content of 2,460 mt.

Overall, the earthquake delayed the expected resumption of production in Wa State, the resumption time of the Bisie mine in the DRC remains unclear, and the smelting in Malaysia was halted due to natural gas interruption with an uncertain resumption time. There are many disturbances in both the mine and smelting sectors, and the supply-demand imbalance is prominent. In Q2, cost support is expected to be strong. In the short term, futures prices are under pressure due to tariff impacts, and after the release of macro risks, a low-buy strategy is still preferred.

(Source: Jinyuan Futures)