The most-traded SHFE tin futures contract is fluctuating at highs, with long and short positions diverging at current levels but overall sentiment leaning optimistic [SMM Tin Midday Review].

During the midday session on November 25, 2025, the most-traded SHFE tin 2601 contract fluctuated at highs. It opened today at 295,180 yuan/mt, up 950 yuan from the previous trading day, and maintained a pattern of fluctuating upward during the session. By the midday close, it was tentatively quoted at 295,940 yuan/mt, up 1,710 yuan from yesterday's settlement price, a gain of 0.58%. Market trading was active, and open interest increased, indicating intensified divergence between bulls and bears at the current price level but an overall optimistic bias. Observing the intraday movement, SHFE tin opened higher in the morning session, once testing a high of 296,760 yuan, then pulled back slightly but still held above the 295,000 yuan mark, with technicals maintaining strong characteristics.

Overnight, LME tin performed strongly. The three-month tin contract closed at $37,425/mt, up $455, a gain of 1.23%. During the Asian trading session today, LME tin continued to hover at highs, fluctuating around $37,500.

From a macro perspective, bullish and bearish factors were intertwined. Signals of potential interest rate cuts released by the US Fed pushed market risk appetite to rebound, and the US dollar index weakened periodically, reducing price pressure on dollar-denominated commodities. However, the spot market remained cautious towards high-priced tin, and the trading atmosphere did not show significant volume increase, reflecting limited downstream acceptance of the current price level, which somewhat restricted the upside room for tin prices.

Overall, the most-traded SHFE tin contract maintained a relatively strong performance, supported by tight supply, low inventory, and improved macro sentiment, but fear of high prices in the spot market constrained the upside room. In the afternoon session, fund flows and spot market follow-up buying need attention. Tin prices are expected to continue fluctuating at highs in the short term, with a projected range of 293,000-298,000 yuan/mt. Investors should closely monitor developments in the DRC situation and actual downstream procurement dynamics, as these factors could become key variables breaking the current balance.