Overall spot cargo trading remained sluggish, with the most-traded SHFE tin contract (SN2507) fluctuating rangebound [SMM Morning Tin Report]

SMM Tin Morning News on June 10, 2025:

Futures Market: The most-traded SHFE tin contract (SN2507) fluctuated rangebound, dipping slightly during the night session to around 262,500 yuan/mt before rebounding, ultimately closing at 263,860 yuan/mt, up 0.38% from the previous day.

Macro: (1) Beijing: Encourage R&D and launch of high-end, tech-savvy, and fashionable new car models to explore overseas markets (bullish ★). (2) MIIT: Steadily advance three centralized rectifications, including "comprehensive rectification of cut-throat competition in the NEV industry" (neutral). (3) China Passenger Car Association (CPCA): Production and sales in June are expected to remain in a state of relatively rapid growth, albeit gradually decelerating. (4) US Tariffs - ① Japan's chief negotiator, Akizawa Ryosei, plans to visit the US this week. ② Canadian Prime Minister provides details on defense spending (neutral).

Fundamentals: (1) Supply-side disruptions: Overall tin ore supply in major producing regions such as Yunnan is tightening. As June progresses, some smelters are considering halting production for maintenance or slightly cutting production (bullish ★). (2) Demand side: Recently, as tin prices have returned to the 260,000 yuan threshold, orders from most downstream enterprises have decreased, and purchase willingness has weakened somewhat (bullish ★).

Spot Market: In the spot market, affected by the off-season, downstream purchase willingness remains sluggish, and spot transactions are generally sluggish. There are hardly any outstanding orders, and downstream and end-user purchase willingness is low.