The most-traded SHFE tin futures contract maintains fluctuating trend. Overseas inventories accumulation suppresses LME prices [SMM Tin Midday Review]

During the midday session on December 17, 2025, the most-traded SHFE tin contract maintained a fluctuating trend, closing at 335,090 yuan/mt, up 10,080 yuan or 3.1% from the previous day. LME tin prices also strengthened during the same period, reaching $42,620/mt, showing a coordinated movement between domestic and overseas markets. However, LME tin's performance remained relatively weak, with its fundamentals under pressure from rising overseas inventories. LME tin inventories had climbed to 4,190 mt by mid-December, reflecting the dampening effect of weak overseas demand on prices. Demand side, orders from traditional sectors like consumer electronics remained sluggish, with enterprises making just-in-time procurement only. Although emerging sectors such as semiconductors and AI servers provided structural support, their current scale was insufficient to offset the gap in traditional demand. Trading in the spot market was relatively sluggish around midday, with downstream purchases turning cautious again after the price rebound. Traders still faced pressure to sell, and resistance near the previous high of around 330,000 yuan remained.