SHFE Tin Contract Futures Pulled Back with Center Shifting Lower, Market Premium Cut Stimulated Limited Rigid Demand Follow-Through [SMM Tin Midday Review]

Published: May 15, 2026 12:05

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[SMM Tin Midday Review: SHFE Tin Contract Futures Pull Back with Center Shifting Lower, Market Premium Cut Stimulates Limited Rigid Demand Follow-through]

Tin Midday Review, May 15, 2026

The SHFE tin market opened lower in the morning session, showing a sideways rebound during trading but still recording a notable decline overall. The most-traded contract opened at 430,020 yuan/mt and closed the morning session at 424,430 yuan/mt, currently down 2.14%. LME trading was characterized by range-bound consolidation, with LME three-month tin temporarily quoted at $54,400/mt, down slightly by 0.23%.

On the macro front:

(1) New York Fed President Williams stated that due to uncertainties arising from the Middle East war, the central bank does not need to consider changes to interest rate policy at this time, with neither interest rate cuts nor hikes under consideration for now.

(2) The artificial intelligence wave is sweeping the globe, with computing power becoming a crucial foundational productive force. The ultimate constraint on computing power is electricity. To pursue a green, intensive, and sustainable path for computing power development, China's infrastructure enterprises in the computing sector have taken an innovative approach by building computing centers at sea. In the East China Sea waters east of Xiaoyangshan in Shanghai Lingang, a maritime platform rising more than 20 meters above sea level stands prominently. This is the world's first operational offshore wind-directly-connected subsea data center, with a total investment of 1.6 billion yuan and an overall plan of 24 MW. The first-phase demonstration project has an installed capacity of 2.3 MW, weighing 1,950 mt in total, equivalent to the weight of 1,300 units of passenger cars.

Spot side, the futures pullback was accompanied by a reduction in premiums. Market inquiries increased slightly, with downstream enterprises following up on a need-to-buy basis. Absolute prices remained at elevated levels, with no notable additional purchasing activity observed. The most-traded SHFE tin contract is expected to maintain range-bound trading characteristics in the short term, with the center potentially edging lower within a narrow range.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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