US May End Government Shutdown, Macro Factors Drive Up Most Nonferrous Metal Prices [SMM Tin Midday Review]

Supply-Demand Tight Balance Persists, SHFE Tin Fluctuates Upward at Highs

On the afternoon of November 10, 2025, the most-traded SHFE tin 2512 contract performed firmly, closing at 286,560 yuan/mt, up 1.04% from the previous day. The price fluctuated within the range of 283,900-287,600 yuan/mt during the session, showing a technical pattern of fluctuating at highs. Downstream acceptance of high-priced resources was limited. Meanwhile, the three-month LME tin price was quoted at $36,080/mt, up 0.73%.

From a macro perspective, bullish and bearish factors were intertwined. US Senate Democrats and Republicans reached an agreement to end the government shutdown, agreeing to extend government funding until January 30 next year. The absence of key economic data made market sentiment cautious. Short-term pressure on the US dollar provided some support for metal prices, but the overall cautious macro environment constrained trading activity. In the short term, tin prices are expected to hover at highs, with resistance near 288,000 yuan/mt and support around 282,000 yuan/mt. In the medium and long term, as the global tin market's structural supply gap may widen to 20,000 mt/year, coupled with the continued surge in AI and new energy demand, tin prices still have the potential to challenge the 300,000 yuan/mt level.