Tug-of-War Between Sellers and Buyers Intensifies, Tin Prices Continue to Fluctuate at Highs [SMM Tin Midday Review]

SHFE Tin Midday Comment: Tug-of-War Between Sellers and Buyers Intensifies, Tin Prices Continue to Fluctuate at Highs

As of the midday close on November 6, 2025, the most-traded SHFE tin contract (2512) was quoted at 283,640 yuan/mt, remaining under pressure below the resistance level of 285,000 yuan/mt during the session. Meanwhile, the three-month LME tin price was quoted at $35,850/mt, up 0.29% from the previous day. Concerns in overseas markets regarding supply recovery in Southeast Asia and a strengthening US dollar weighed on sentiment.

From a fundamental perspective, the tight supply situation has not been fundamentally alleviated. Production resumptions in Myanmar's Wa State are progressing slowly, Indonesia's crackdown on illegal mining continues, and domestic social inventory remains at historically low levels, providing strong support for prices. From a macro perspective, the US Fed's "hawkish interest rate cut" pushed the US dollar index back above the 100 mark, while the record-long US government shutdown continues to unsettle market risk appetite, putting short-term pressure on the metals sector.

Afternoon Outlook: SHFE tin is expected to continue hovering at highs. Significant resistance is seen at 285,000 yuan/mt above, while strong support exists at 280,000 yuan/mt below.