The most-traded SHFE tin contract opened slightly higher in the night session and then maintained a fluctuating trend. End-user enterprises remained cautious in their purchase sentiment. [SMM Tin Morning Brief]

SMM Tin Morning Brief, April 20, 2026:

Futures: The most-traded SHFE tin contract opened slightly higher during the night session and then maintained a fluctuating trend, with a relatively small overall amplitude.

Macro: (1) Mi Lei, founding partner of CAS Star, stated that a new round of technological revolution represented by artificial intelligence is accelerating, and photonic technology will become a once-in-60-years major opportunity for "lane-changing overtaking" in the semiconductor field. He suggested that China draw on the development path of the EV industry to achieve leapfrog development in the semiconductor industry through integrated photonic circuit technology. (2) On April 18, reports that domestic AI giant DeepSeek may be initiating its first external fundraising continued to circulate within the industry. A vertical media outlet covering technology and business reported that DeepSeek is in discussions to introduce external capital for the first time, seeking to bolster its funding reserves to gain a more advantageous position in the high-cost competition of developing cutting-edge AI models. The company had previously rejected investment offers from China's leading venture capital firms and tech giants on multiple occasions. However, according to two of the sources, the startup has recently begun engaging with investors and plans to raise no less than $300 million at a valuation of at least $10 billion. In response, a representative from a large state-owned equity institution said, "Channel feedback suggests that the news about DeepSeek initiating its first external fundraising is very likely true, and currently there is absolutely no way to get in," adding that "further details are not convenient to disclose." In addition, on the afternoon of April 18, two senior executives of High-Flyer Quantitative were contacted via personal phone calls and WeChat messages to verify the DeepSeek fundraising reports, but as of press time, neither executive answered their phone, nor did they respond to WeChat messages.

Fundamentals: (1) Supply side: Most smelters focused on maintaining stable production in April. (2) Demand side: Downstream procurement remained cautious, with purchases made based on order conditions.

Spot market: As futures prices continued to fluctuate within a high range, end-user purchasing sentiment remained cautious. The overall market trading atmosphere was mediocre, with most enterprises focusing on depleting existing inventory.

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