The most-traded SHFE tin contract closed up 1.11% to stand above 268,000, fluctuating at highs amid supply disruptions and policy games [SMM tin futures brief comment]

Published: Jul 22, 2025 17:14

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[SMM Tin Futures Review: The Most-Traded SHFE Tin Contract Rose 1.11% to Close Above 268,000, Fluctuating at Highs Amid Supply Disruptions and Policy Games] Price Movement: The most-traded SHFE tin contract (SN2508) fluctuated upward in the afternoon session, closing at 268,520 yuan/mt, up 2,950 yuan (1.11%) from the previous day. The intraday trading range was 265,720-268,930 yuan/mt, with a settlement price of 267,430 yuan/mt. Trading and Open Interest: The trading volume reached 63,667 lots, while open interest decreased by 1,931 lots to 16,761 lots, indicating profit-taking activities.

[Tin Market Daily Review, July 22, 2025]

Price Movement: The most-traded SHFE tin contract (SN2508) fluctuated upward in the afternoon session, closed at 268,520 yuan/mt, up 2,950 yuan (1.11%) from the previous day.

The intraday trading range was 265,720-268,930 yuan/mt with a settlement price of 267,430 yuan/mt. Trading Volume & Open Interest: Trading volume reached 63,667 lots, while open interest decreased by 1,931 lots to 16,761 lots, indicating profit-taking activities.

LME Tin Market Update LME Tin Price: LME tin closed at $33,800/mt, up 0.37%, fluctuating rangebound around $33,680/mt during Asian trading hours.

Domestic Positive Factors: MIIT promoted "anti-rat race" policies for ten industries including steel and nonferrous metals, requiring outdated capacity elimination, with capital inflows boosting market sentiment in the nonferrous sector.

International Risks: The deadlock in EU-US trade negotiations remains unresolved, with the threat of 30% tariffs effective August 1 still pending, limiting price upside room due to risk-off sentiment.

Short-term Outlook: Prices are supported by ore shortages and policy tailwinds, but high prices suppress spot procurement while Myanmar's expected production resumptions (H2 incremental supply) cap long-term upside.

The most-traded SHFE tin contract is expected to fluctuate between 265,000-270,000 yuan/mt, with LME tin projected at $33,000-34,000/mt.

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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