The US Senate's passage of a temporary funding bill boosted market risk appetite recovery, with the most-traded SHFE tin contract fluctuating at highs [SMM Tin Midday Review]

Supply-Demand Tight Balance Persists, SHFE Tin Fluctuates at Highs in Afternoon Session

In the afternoon session on November 11, 2025, the most-traded SHFE tin contract 2512 opened at 287,510 yuan/mt and fluctuated at highs, closing at 287,710 yuan/mt at midday, up 1,920 yuan from the previous settlement price. Overnight, LME tin closed at $36,180/mt, up 1.01%, and fluctuated rangebound around $36,200/mt during the Asian trading session today. LME tin inventory remained low, providing underlying support for prices.

From a macro perspective, the landscape was mixed. The US Senate passed a temporary funding bill, ending the longest government shutdown in history, which boosted market risk appetite. A US dollar index in the doldrums lifted sentiment across the nonferrous metals sector. However, the US Fed remained divided on the interest rate cut path, and uncertainties in US-China tariff negotiations persisted, leaving the macro environment not fully cleared of uncertainties.

Downstream enterprises mostly adopted a strategy of "purchasing as needed, small orders with quick returns." The spot market showed characteristics of "price without market," with sluggish trading activity. In the afternoon session, the market needed to watch whether SHFE tin could consolidate support at 287,000 yuan/mt and test resistance at 288,000 yuan/mt. Low inventory and emerging demand provided a floor for prices, but weakness in traditional sectors and sluggish spot transactions limited upside room. Prices were expected to continue fluctuating at highs within the day.