SMM Tin Midday Review: Macro Warm Breeze Resonates with Mine-end Disruptions, SHFE Tin Price Stands Above 270,000 Mark [SMM Tin Midday Review]

The most-traded SHFE tin contract (SN2508) midday price: 272,170 yuan/mt, up 1.22% from the previous day's settlement price;

Intraday fluctuations: opened at 271,810 yuan/mt (2,910 yuan higher than the previous day's close), reached a high of 275,750 yuan/mt, with trading volume surging to 90,600 lots; Spot-futures price spread structure: spot premiums narrowed slightly, with Yunnan Tin brand trading at a premium of 700-1,000 yuan/mt over futures, but downstream fear of high prices curbed trading.

LME tin contract overnight close: $34,695/mt, down 0.16%; Inventory dynamics: total inventory remained low, with the ratio of cancelled warrants at 16.3%, and spot premiums providing significant support.

Optimism in US-EU tariff negotiations: the market expects the EU to accept a 15% "reciprocal tariff", avoiding the impact of a 30% high tariff from August 1, boosting risk appetite in the non-ferrous metals sector;

US dollar weakens: Trump pressures the US Fed to cut interest rates, with the US dollar index falling to 97.1, directly pushing up tin prices.

Sluggish spot trading: downstream players focus on depleting inventory, with traders' daily average trading volume remaining in the single digits.

The midday SHFE tin price stood above 272,140 yuan/mt, reflecting macroeconomic optimism and supply disruptions dominating the market, but pressure is gradually building above 273,000 yuan. Caution is advised: