The most-traded SHFE tin contract opened slightly higher in the night session and then pulled back, with spot market transactions overall subdued [SMM Tin Morning Update]

SMM Tin Morning Briefing on June 17, 2026:

Futures: closed at 421,680 yuan/mt, down 0.53%.

Macro: (1) Apple (AAPL.O) plans to launch new AirPods equipped with cameras by the end of 2027, alongside multiple other new products including a next-generation foldable phone and a 20th-anniversary iPhone. These new AirPods represent Apple's first AI-focused wearable device, equipped with computer vision cameras as sensing components to provide real-world visual information to Siri. Apple is also developing multiple next-generation process chips for its future devices and plans to release its first smart glasses as early as the end of next year. (2) SpaceX (SPCX.O) briefly surpassed Amazon (AMZN.O) and Microsoft (MSFT.O) in market value during trading on Tuesday, joining the ranks of the world's top five companies by market cap within just a few days of listing. SpaceX options also began trading on Tuesday, offering investors another channel to bet on the prospects of this newly listed stock. As of now, SpaceX's stock turnover has exceeded $34 billion, several times the combined turnover of Nvidia, Microsoft, Tesla, and Apple. Meanwhile, Nvidia, Microsoft, and several other large-cap tech stocks edged down on that day.

Fundamentals: (1) Supply side: Most smelters focused on stable production in June. (2) Demand side: Downstream purchasing remained cautious, with procurement based on orders.

Spot market: Spot quotes pulled back from around 426,000 last Friday to near 422,000. Futures showed a V-shaped pattern, but spot transactions did not surge as a result — remaining mainly wait-and-see, picking up bargains on rigid demand, premiums stratified by brand, and overall sluggish.

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