Tin Market Fluctuates Upward in Afternoon Session, Pre-Holiday Capital Games Intensify [SMM Tin Midday Review]

During the midday session on September 26, 2025, the most-traded SHFE tin 2511 contract showed a fluctuating upward trend. By the midday close, the most-traded SHFE tin contract was quoted at 274,570 yuan/mt, up 1,100 yuan from the previous day's settlement price, an increase of approximately 0.4%. In the night session, SHFE tin was in the doldrums, closing slightly lower at the end. Today's morning session opened with a narrow rangebound fluctuation, with cautious trading sentiment during the session, and a slight uptick towards the close. In external markets, LME tin prices performed relatively firm, with overnight tin futures closing at $34,440/mt, up $119, a gain of 0.35%. During the Asian session, LME tin was quoted at $34,515/mt, showing a technically fluctuating upward trend.

From a macro perspective, mixed signals prevailed. The final US Q2 real GDP annualized quarter-on-quarter rate was revised up to 3.8%, significantly exceeding the market expectation of 3.3%, while initial jobless claims fell to a recent low, supporting a stronger US dollar index and pressuring metal markets. However, US Fed Governor Milan's call for consecutive near-term interest rate cuts released accommodative signals, providing some liquidity expectations for the market. Domestically, the central bank maintained ample liquidity through reverse repo operations, supporting the base metal market. Approaching the National Day holiday, some funds chose to take profits to avoid uncertainty, dampening market trading enthusiasm.

In the short term, tin prices are expected to continue fluctuating at highs. In the afternoon, SHFE tin may mainly fluctuate.