Amid the game between the expected production resumption in Myanmar and off-season demand, SHFE tin and LME tin prices rose simultaneously [SMM tin midday review]

Published: Jul 21, 2025 11:49

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[SMM Tin Midday Review: SHFE Tin and LME Tin Prices Rise Simultaneously Amidst Expectations of Myanmar's Production Resumption and Off-Season Demand] This morning, the most-traded SHFE tin contract (SN2507) continued to be in the doldrums, opening at 262,320 yuan/mt and temporarily closing at around 261,490 yuan/mt at midday, with an intraday increase of 0.22%. Short-term support below is noted at 260,000 yuan/mt. Market sentiment remains cautious, with a significant net outflow of funds. The decline in open interest reflects that both bulls and bears are tending to adopt a wait-and-see attitude.

SHFE Tin Midday Market Commentary on July 21, 2025

SHFE Tin Leads Gains Amid Volatility as LME Tin Prices Rise: Price Trends Amid Anticipated Myanmar Production Resumption and Off-Season Demand

As of midday on July 18, 2025, the most-traded SHFE tin contract (SN2508) closed at 267,670 yuan/mt, up 1.43%, while LME three-month tin settled at $33,595/mt, gaining 0.72%.

The most-traded SHFE tin contract ended the midday session at 267,670 yuan/mt, with an intraday high of 268,020 yuan/mt. Spot prices stood at 267,200 yuan/mt, reflecting tight immediate supply.

Myanmar's Wa State Production Resumption: On July 17, the Wa State government approved some mining license applications, with tin ore supply expected to substantially recover in Q4. However, current TCs for tin concentrates remain low, constraining smelters' operating rates due to raw material shortages.

US Fed Governor Waller stated "a 25-basis-point interest rate cut should be implemented in July," easing US dollar liquidity pressure. The US dollar index pulled back to 98.4, supporting industrial metals.

Spot market: Smelters maintained firm offers after the price rally, but downstream acceptance remained weak. Traders reported transactions mainly relied on rigid demand orders, with some downstream buyers delaying purchases after completing earlier restocking.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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