[SMM Tin Midday Review: Tug-of-War Between Sellers and Buyers Intertwined With Macro Caution, SHFE Tin Fluctuates Rangebound in Morning Session] On the afternoon of September 10, the most-traded SHFE tin 2510 contract opened lower at 269,080 yuan/mt and maintained a rangebound fluctuation pattern during the session, closing at 270,370 yuan/mt by midday, up 580 yuan/mt (0.21%) from the previous trading day. The domestic market exhibited a tug-of-war between "strong supply constraints" and "weak actual demand," with the price fluctuation range narrowing and trading activity showing slight caution. Meanwhile, LME tin futures remained under pressure overnight, temporarily quoted at $34,275/mt, up $240 (0.71%). The inventory rebound and narrowing spot premiums suggested a slight easing of short-term supply pressure overseas.

Tunisia Aims to Strengthen Cooperation With China's Automotive Industry SHFE Tin Prices Fluctuate at Lows [SMM Tin Morning Brief] The most-traded SHFE tin 2510 contract opened slightly lower in the night session and maintained a sideways trend at lows, closing at 269,000 yuan/mt, down 0.28% from the previous trading day.

[SMM Tin Midday Review: SHFE Tin Fluctuates Around 270,000 Yuan/mt Mark Amid Mixed Bullish and Bearish Factors Awaiting Direction] On the midday of September 9, 2025, the most-traded SHFE tin contract (SN2510) fluctuated around the 270,000 yuan/mt mark, briefly dipping during the session but finding temporary support, ultimately settling near 269,690 yuan/mt by the midday close, down 0.52% from the previous trading day's settlement price.

During the night session, SHFE tin prices experienced a slight decline before stabilizing at low levels with sideways movement. Downstream enterprises showed limited willingness to actively restock. [SMM Tin Morning Brief] Futures: The most-traded SHFE tin 2510 contract edged lower during the night session and then consolidated at low levels, closing at 269,600 yuan/mt, down 0.54% from the previous trading day.

[SMM Tin Futures Review: LME Tin Futures Prices Show Relative Resilience While SHFE Tin Prices Fluctuate Downward Overall] On September 8, 2025, the most-traded SHFE tin SN2510 contract rebounded slightly in the afternoon session, closing at 270,700 yuan/mt with a daily decline of 0.57%. During the night session, the contract opened slightly higher but subsequently plunged sharply, settling at 269,750 yuan/mt, down 0.92% from the previous trading day.

[SMM Tin Midday Review: US August Non-Farm Payrolls Data Fell Far Short of Expectations, SHFE Tin Prices Fluctuate Rangebound] Macro perspective, the US August non-farm payrolls data fell far short of expectations (only 22,000 new jobs added), with the unemployment rate rising to 4.3%, reinforcing market expectations for a US Fed interest rate cut in September. The weakening US dollar provided some support to commodity prices. However, the potential impact of Trump's tariff policies on the semiconductor industry chain and the lackluster demand during the domestic September-October peak season continued to limit the upside room for tin prices. Inventory side, LME tin inventory increased slightly recently (rising by 205 mt in August to 2,155 mt), but global visible inventory remained at historically low levels, providing support to the price floor.

During last week's night session, SHFE tin prices opened higher but then plummeted significantly, with demand yet to demonstrate the typical September-October peak season fervor. [SMM Tin Morning Brief] Futures: The most-traded SHFE tin 2510 contract opened slightly higher during the night session before experiencing a sharp decline, closing at 269,700 yuan/mt, down 0.92% from the previous trading day.

[SMM Morning Meeting Summary: US President Trump Announces Semiconductor Import Tariffs to Be Imposed "Soon," Tin Prices Expected to Maintain Fluctuating Trend] US President Trump stated that tariffs on semiconductor imports will be imposed "soon," though products from companies like Apple, which have pledged to increase US investments, will be exempt. This policy may significantly disrupt the stability of the global semiconductor industry chain, raising market concerns. Domestically, the overall supply of tin ore remains tight, with some smelters undergoing maintenance in September, causing supply-side disruptions. Demand side, following the PV installation rush, orders for PV tin bars in east China have declined, while the electronics sector has entered the off-season. Coupled with high tin prices, end-users exhibit strong wait-and-see sentiment, with orders limited to essential needs. Other sectors, such as tinplate and chemicals, show steady demand without exceeding expectations. Spot market transactions are mixed, with traders reporting moderate sales in east China but sluggish activity in south China. Overall, domestic and overseas macro factors and supply-demand dynamics suggest tin prices may remain weak in the short term. Investors are advised to closely monitor international policy shifts and downstream demand recovery, exercising caution in operations.

[SMM Tin Midday Review: SHFE Tin Under Pressure in Morning Session, Awaiting Non-Farm Payrolls Data Guidance] At midday on September 5, 2025, the most-traded SHFE tin 2510 contract remained under pressure, closing at 271,930 yuan/mt by the lunch break, down 870 yuan (0.32%) from the previous settlement price. The futures moved downwards after a higher opening, initially quoted at 272,300 yuan/mt but struggling to rise thereafter, remaining in the doldrums. Overnight, LME tin fell 0.56% to $34,425/mt with a trading volume of 514 lots, while open interest dropped by 2.25 million to 211.7 million lots, reflecting strong wait-and-see sentiment ahead of key data. LME tin inventories continued rising, reporting 2,195 mt on September 4 (up 30 mt from the prior day), exerting slight pressure on prices. Macro perspective, markets focused on the upcoming US non-farm payrolls data, with August ADP employment adding 54,000 (far below expectations of 65,000), reinforcing expectations for US Fed interest rate cuts in September, though a US dollar rebound weighed on risk assets.

Trump announced plans to impose tariffs on semiconductor imports "soon." The most-traded SHFE tin contract (SN2510) dropped back slightly during the night session after briefly climbing to 273,000 yuan/mt, then fluctuated downward to close at 271,200 yuan/mt, down 0.59% from the previous trading day. [SMM Tin Morning Brief] Futures: The most-traded SHFE tin contract (SN2510) pulled back slightly.