[SMM Tin Midday Review: SHFE Tin Retreats from Highs in Afternoon Trading, LME Tin Also Falls, Breaking Below the $37,000/mt Mark]

On Wednesday, November 19, the latest report released by the World Bureau of Metal Statistics (WBMS) showed that global refined tin production reached 32,500 mt in September 2025, while consumption stood at 27,600 mt, resulting in a supply surplus of 4,900 mt.  

[Night Session Tin Market Opens Slightly Higher Then Fluctuates Downward, Spot Market Trading Cools Down [SMM Tin Morning Briefing] Futures: The most-traded SHFE tin 2512 contract opened slightly higher in the night session then fluctuated downward, closing at 292,020 yuan/mt, down 0.12% from the previous trading day.

[SMM Tin Midday Review: SHFE Tin Holds High in Sideways Trading at Midday, 290,000 Yuan Level Becomes Bull-Bear Focus Amid Tight Supply-Demand Balance]

[Night Session Tin Market Slightly Rises Then Stabilizes, May Reclaim 290,000 Mark During the Day [SMM Tin Morning Brief]] Futures: The most-traded SHFE tin contract (SN2512) opened slightly higher during the night session and then stabilized, closing at 291,890 yuan/mt, up 0.68% from the previous trading day.

[SMM Tin Midday Review: SHFE Tin Prices Fluctuated Downward During the Day, Short-Term Support Seen Around 285,000 Yuan] At the midday close, the most-traded SHFE tin 2512 contract settled at 288,950 yuan/mt, down 990 yuan from the previous day. Although SHFE tin rebounded slightly during the night session, it came under pressure and pulled back after the daytime opening, hitting a high of 291,820 yuan/mt and a low of 288,480 yuan/mt. However, during today's Asian trading session, the US dollar index held above the 99.5 level, and with the market awaiting delayed US economic data, LME tin maintained a fluctuating downward trend.

During the night session, the tin market maintained a fluctuating rangebound trend, with downstream and end-users remaining in a wait-and-see stance. [SMM Tin Morning Brief] Futures: The most-traded SHFE tin contract (SN2512) continued to fluctuate rangebound during the night session, hovering around the 290,000 yuan mark, and closed at 290,480 yuan/mt, up 0.19% from the previous trading day.

[SMM Tin Midday Review: Tin Prices See Roller Coaster Ride Again, Tug-of-War Between Longs and Shorts Leads to High-Level Stalemate] The most-traded SHFE tin contract showed a fluctuating downward trend. By the midday close, SHFE tin prices were clearly under pressure, down more than 1% from the previous day's settlement price. This movement extended the previous trading day's correction, with the most-traded SHFE tin contract closing overnight at 290,940 yuan/mt, down 3,310 points, a decline of 1.12%. From a macro perspective, recent market sentiment fluctuations have intensified significantly, becoming a key factor affecting short-term tin price movements. US Fed officials Logan and Schmid released strong hawkish signals, explicitly opposing a December interest rate cut, which cooled market expectations for a shift in the US Fed's monetary policy. This change boosted the US dollar index, thereby putting pressure on dollar-denominated metal prices. Meanwhile, domestic economic data for October showed mediocre performance, with industrial added value of enterprises above designated size up 4.9% YoY, and demand boost remaining insufficient, making it difficult to provide effective support for tin prices.

[Night session tin market high sentiment gradually subsided] Trading overall presented a sluggish pattern of "having price but no market" [SMM Tin Morning News] Futures: The most-traded SHFE tin contract (SN2512) saw its high market sentiment gradually subside during the night session. After opening, tin prices fell with reduced positions and subsequently hovered around the 290,000 yuan mark.