During the night session, market sentiment was relatively high. After opening, tin prices quickly increased with rising positions [SMM Tin Morning News].

SMM Tin Morning Brief on November 12, 2025:

Futures: The most-traded SHFE tin contract (SN2512) saw high market sentiment during the night session. After opening, tin prices rose rapidly with increasing positions and maintained high-level consolidation, closing at 290,700 yuan/mt, up 1.14% from the previous trading day.

Macro: (1) Data released by Indonesia's Trade Ministry on Tuesday showed that Indonesia's refined tin exports in October were 2,643.05 mt, down 53.89% year-on-year. (2) AMD CEO Lisa Su stated that the company expects the data center chip and system market size to grow to $1 trillion by 2030. Su pointed out that artificial intelligence will drive most of the growth to the trillion-dollar scale. The market covers AMD's central processing units (CPUs), networking chips, and specialized AI chips. She said, "This is an exciting market. Without a doubt, the data center is the biggest growth opportunity." In her opening remarks, Su highlighted the company's recent AI-related acquisitions, including server manufacturer ZT Systems and a series of small software companies. She stated that AMD has built "an M&A machine." (3) Tesla is preparing to expand its Texas Gigafactory again, building a dedicated facility for the mass production of its humanoid robot, Optimus. Currently, Tesla has set up a pilot production line at its factory in Fremont, Northern California, assembling some Optimus prototypes; however, the company plans to locate the majority of the Optimus project's capacity at the Texas Gigafactory. It is revealed that the annual capacity of the Fremont factory is expected to be 1 million units. Elon Musk stated that the company aims to achieve an annual capacity of 10 million units in the new dedicated facility at the Texas Gigafactory. Currently, the mass production timetable for Optimus at the Texas Gigafactory remains set to begin in 2027.

Fundamentals: (1) Supply-side disruptions: Overall tin ore supply is tightening in major production areas like Yunnan. Most smelters are expected to maintain stable production in November. (2) Demand side: Due to weak demand in the consumer electronics and home appliance markets, orders have significantly decreased. Downstream purchases are relatively cautious, and high prices are significantly suppressing actual consumption. Limited boost from emerging fields: Although AI computing power improvements and growth in PV installations have driven some tin consumption, their current contribution scale remains small and insufficient to offset the decline in traditional sector consumption.

Spot market: Prices consolidated at high levels overall yesterday. Downstream enterprises were cautious in purchasing. As tin prices continued to rise during the night session, trading enthusiasm in the spot market was further suppressed, with most traders reporting transactions of only around 10 mt yesterday.

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