Market closely monitors the US CPI data to be released this evening. SHFE tin maintains a fluctuating trend in the afternoon session [SMM Tin Midday Review]

On the afternoon of September 11, 2025, the most-traded SHFE tin 2510 contract closed at 271,000 yuan/mt, up 1,520 yuan, or 0.56%, from the previous trading day. The trading range during the session was between 270,430 yuan/mt and 272,680 yuan/mt, showing a pattern of fluctuation at highs. Meanwhile, LME tin futures performed more strongly, hitting an intraday high of $34,665/mt and settling around $34,500/mt by midday, down 0.39%. Operating rates in major smelting regions such as Yunnan and Jiangxi remained low due to tight raw material supply and routine equipment maintenance. Concentrated maintenance at several smelters in Yunnan and Guangxi in September is expected to lead to a MoM decline in refined tin production. Weak traditional orders from consumer electronics and home appliances continue to weigh on solder demand, while the semiconductor industry's destocking cycle has limited boosting effect on tin consumption. From a macro perspective, the US August PPI unexpectedly slowed to a 2.6% YoY increase, strengthening market expectations for a US Fed interest rate cut in September. The US dollar index came under pressure and pulled back, which to some extent boosted prices of US dollar-denominated base metals. However, the market remains focused on the upcoming release of US CPI data in the evening for further policy clues.

Overall, the current tin market is in a pattern of "weak supply and demand but tighter supply," with prices fluctuating at highs. The afternoon trend requires close attention to macro data guidance and fund flows. The most-traded SHFE tin contract is expected to continue holding up well in the short term, with resistance near 273,000 yuan/mt and support at 268,000 yuan/mt.