[SMM Tin Midday Review: The most-traded SHFE tin contract continues to fluctuate at highs, with smelters holding firm on prices and sluggish spot cargo transactions] Today, the most-traded SHFE tin contract (SN2506) continued to fluctuate at highs. After a slight lower opening in the morning session, it fluctuated rangebound around 265,000 yuan/mt. It closed at 264,760 yuan/mt at midday, down slightly by 0.26% from the previous trading day, with open interest slightly decreasing to 26,100 lots. Market trading activity was moderately weak, with bulls and bears continuing to grapple over the logic of "tight balance in the short term vs. easing in the long term.

This week, the ferrous metals series saw a narrow pullback after a rebound from low levels. Among them, iron ore outperformed other ferrous metals, while coke showed weaker performance. On the macro front, the China-U.S. economic and trade talks in Geneva on May 12 indicated a 90-day suspension of the 34% reciprocal tariffs imposed on April 2, 2025, with a 10% portion remaining in place during the suspension period. This temporary tariff relief provides greater possibilities and more ample room for China to rush exports in the short term. However, from a medium and long-term perspective, the easing of the tariff environment is not yet a permanent solution, as the current 30% tariff remains higher than those imposed on other countries. In the spot market, influenced by improved market sentiment, both the spot prices and trading volumes of hot-rolled coil and rebar saw improvements...

[SMM Tin Midday Review: Spot Market Shows Low Inventory and High Contango Structure, Compounded by Low Operating Rate at Smelting End Limiting Price Decline] The most-traded SHFE tin contract (SN2506) fluctuated downward slightly in the morning session today, opening at 265,000 yuan/mt. The intraday fluctuation range narrowed, and it fluctuated downward, closing around 264,860 yuan/mt at midday, down slightly by 0.20% from the previous day. Open interest decreased slightly to 28,900 lots, with market trading activity being moderately weak, and short-term funds showing signs of profit-taking.

[SMM Tin Futures Brief Commentary: Downstream solder, electronics, and home appliance enterprises, constrained by high prices, only maintained just-in-time procurement. Trading in the spot market was sluggish.] Today, the most-traded SHFE tin contract (SN2506) continued to fluctuate at highs. It opened slightly higher in the night session at 265,480 yuan/mt and remained rangebound, closing at 265,210 yuan/mt in the daytime session, up slightly by 0.22% from the previous day. The cumulative gain over five days narrowed to 1.43%. Open interest decreased slightly to 30,500 lots, with market trading activity being moderately weak and capital competition intensifying. Bulls and bears engaged in a tug-of-war over the logic of "short-term tight balance vs. easing in the long term," with the reduction in open interest indicating divergent views among investors...

[SMM Tin Midday Review: Limited Short-Term Supply Increase in Domestic Smelting Sector, SHFE Tin Prices Fluctuate at Highs, Suppressing Spot Cargo Transactions] The most-traded SHFE tin contract (SN2506) continued to fluctuate at highs in the morning session today. It opened at 266,520 yuan/mt, with narrowed intraday fluctuations, and closed around 265,250 yuan/mt at midday, up slightly by 0.23% from the previous trading day. Open interest decreased slightly to 29,600 lots, with neutral to weak market trading activity. The battle between bulls and bears intensified near the 265,000 yuan/mt threshold.