Liquidity expectations continue to weigh on metal prices, the center of SHFE tin contract continues to decline [SMM Tin Midday Review]

Published: Jun 9, 2026 11:54

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[SMM Tin Midday Review: Liquidity Expectations Continue to Weigh on Metal Prices, SHFE Tin Contract Center Continues to Decline]

Tin Midday Review for Jun 9, 2026

This morning, futures prices in and outside China continued to be pressured by macro headwinds, with the center edging lower. The most-traded SHFE tin contract opened at 404,730 yuan/mt and closed the morning at 397,270 yuan/mt, down 1.86%. On the LME, three-month tin last traded at $51,720/mt, down 0.72%.

On the macro front:

(1) Data showed that with non-farm payrolls for March and April revised up by a combined 93,000, the US added 172,000 non-farm jobs in May, far exceeding market expectations of 88,000, marking the strongest three-month job growth in over two years. Meanwhile, the unemployment rate held steady at 4.3%. The better-than-expected jobs data eased potential stagflation risks, giving the US Fed greater room to address mounting inflationary pressures, and driving rate hike expectations higher.

(2) Trump urged Israel and Iran to halt mutual attacks, stating that peace talks are underway. Iran later announced a temporary end to strikes against Israel, warning it not to attack Lebanon; Israeli Prime Minister Netanyahu also instructed the military to cease preparations for a new round of strikes on Iran, with a senior Israeli official revealing that if the homeland is attacked, southern Beirut would be targeted.

This morning, actual trading pace in the spot market slowed compared to yesterday. As absolute prices had long stayed at elevated levels, downstream enterprises’ restocking demand remained notably suppressed. This pent-up purchase demand was partially released yesterday when futures prices quickly dipped to the 400,000 yuan/mt mark. With futures prices edging further lower this morning, purchasing activity in the spot market became more subdued, dominated by spot orders at lower prices as buyers sought small bargains.

Overall, SHFE tin prices fell for a third consecutive trading day this morning, mainly weighed by overseas liquidity tightening sentiment. The most-traded SHFE tin contract is expected to remain in a fluctuating pattern going forward. If spot market transactions continue to hold up well, this should lend some support to the futures center. Close attention should be paid to overseas data and liquidity expectation trends, as well as the sustainability of spot demand in China.

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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