Market Liquidity Easing Expectations Provide Support for Tin Prices, SHFE Tin Prices Rise Slightly During the Day [SMM Tin Futures Brief]

On September 24, 2025, the most-traded SHFE tin 2510 contract fluctuated at highs, temporarily quoted at 271,960 yuan/mt at midday, up 1,710 yuan or 0.63% from the previous trading session. The afternoon session further consolidated gains, closing at 271,650 yuan/mt with a daily increase of 0.52%, and the intraday trading range was between 269,880 yuan/mt and 272,530 yuan/mt. LME tin prices also strengthened, rising 0.73% overnight to $34,270/mt, consolidating above the $34,000 threshold during the Asian session but pulling back slightly to around $34,400 in European trading, showing a technical tendency to fluctuate upward.

From a macro perspective, expectations of loose market liquidity supported tin prices. Although US Fed officials recently sent hawkish signals, market expectations for an October interest rate cut persisted, putting the US dollar index under pressure and pulling back, which boosted the momentum for a catch-up rally in US dollar-denominated commodities. Domestically, the central bank maintained reasonably ample liquidity through open market operations, helping to recover sentiment in the base metal market. In the short term, tin prices are expected to continue fluctuating at highs, with improving macro sentiment and tight supply providing bottom support, but the failure of demand to fully keep up may limit further upside room. The market will focus on the release of this week's FOMC meeting minutes (September 26) and PCE price index data (September 28). If macro policy expectations shift or overseas supply recovers more than expected, it could trigger a price pullback risk.