LME Tin Prices Show Relative Resilience, Maintaining Strength During the Day [SMM Tin Futures Brief]

On August 19, 2025, the most-traded SHFE tin contract (SN2509) fluctuated rangebound during the day, rebounded slightly in the afternoon, and closed at 268,090 yuan/mt, up 0.46% from the previous trading day. The daily fluctuation range was 265,450—268,170 yuan/mt, with a turnover of 44,882 lots. Open interest decreased by 1,092 lots to 21,004 lots, indicating a clear sign of capital withdrawal. The spot market also encountered resistance; downstream restocking willingness slightly rebounded but high prices suppressed transaction volumes. Traders refused to budge on prices for sales, while downstream just-in-time procurement formed a tug-of-war, with overall transactions showing no significant improvement.

LME tin prices, however, showed relative resilience, maintaining their strength throughout the day. As of 18:00 Beijing time on the 19th, LME tin contracts were quoted at $33,830/mt, up 0.48%. The strength of LME tin mainly stemmed from low inventory support, highlighting the tight spot supply situation.

Intensified macro front disturbances heightened market caution: US PPI in July jumped 3.3% YoY, reinforcing expectations that the US Fed will maintain high interest rates. The US dollar index fluctuated at highs, suppressing commodity prices. Domestically, policy signals continued to emphasize stabilizing the economy, but real estate stabilization and consumer recovery still need time to transmit to the tin downstream (such as tinplate demand). Market focus shifted to the upcoming Jackson Hole symposium for indications of the US Fed's policy path, as well as developments in the geopolitical situation between the US, Russia, and Ukraine. Heightened risk-averse sentiment put pressure on tin prices, making it encounter resistance in its upward trend.