The most-traded SHFE tin contract opened higher and fluctuated at highs, while trading in the spot market was sluggish [SMM Tin Morning News]

SMM Morning Tin News on June 11, 2025:

Futures Market: The most-traded SHFE tin contract (SN2507) opened slightly higher during the night session, surging to 265,900 yuan/mt, before pulling back slightly and closing at 265,140 yuan/mt, up 0.54% from the previous day.

Macro: (1) During the 2025 World Oceans Day and the UN Ocean Conference, China officially launched the world's first digital intelligent system for deep-sea seamounts, attracting widespread international attention. (Bullish ★) (2) NVIDIA (NVDA.O) and HPE announced a collaboration with the Leibniz Supercomputing Centre to build a new-type supercomputer using NVIDIA's next-generation chips. (Bullish ★) (3) The General Offices of the CPC Central Committee and the State Council: Support Shenzhen in deepening the reform and innovation of the flight management system for unmanned aerial vehicles and improving low-altitude flight supervision rules. (Bullish ★) (4) Tariffs - Sources: India and the US are expected to reach a provisional trade agreement by month-end, while the US and Mexico are close to finalizing an agreement on steel import tariffs. (Neutral)

Fundamentals: (1) Supply-side disruptions: The overall supply of tin ore in major producing regions such as Yunnan has tightened. 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/mt threshold, orders from most downstream enterprises have decreased, and purchase willingness has weakened somewhat. (Bullish ★)

Spot Market: Trading activity has been sluggish overall. Some traders have not yet replenished their inventory. Some traders reported transactions of around 10 mt, mostly for just-in-time procurement, with a small number of low-priced orders placed.