Tin Midday Review, June 29, 2026
Today, the tin market in and outside China swung wildly with the center holding up well. The most-traded SHFE tin contract opened at 389,960 yuan/mt and closed the afternoon session at 393,060 yuan/mt, up 1.94%. On the LME front, three-month LME tin consolidated in tandem, with the center edging higher, currently at $51,240/mt, up 0.47%.
On the macro front:
(1) The China Federation of Logistics and Purchasing released logistics data for Jan–May 2026 on June 28. Logistics demand remained steady overall, with the shift between old and new growth drivers accelerating and structural upgrading continuing to emerge. From January to May, China’s total social logistics value reached 14.66 billion yuan, up 5.2% YoY.
(2) According to a senior US official, the US and Iran have agreed to halt mutual attacks, and the two sides plan to meet in Doha, Qatar’s capital, on June 30 to negotiate a resolution to disputes related to the Strait of Hormuz.
On the spot market side, today the overall spot market saw trading slow down, returning to essential demand in a wait-and-see mode. Last week, when futures dipped to the core psychological price range of 375,000–388,000 yuan/mt, downstream enterprises’ orders and restocking demand were released in phases. Today, as futures prices rebounded and returned to a recovery path, amid interwoven bullish and bearish factors and wild swings in futures, downstream enterprises mainly focused on digesting existing orders and inventory, cooling the market’s trading atmosphere.
Overall, after the concentrated realization of pent-up demand following last week’s sharp decline, resistance to high prices from the spot side may subject the rebound momentum to rational constraints from fundamentals. The most-traded SHFE tin contract is projected to maintain a pattern of wild swings within the current range. Attention should now focus on the final outcome of the US-Iran Doha talks tomorrow (the 30th) and the actual evolution of the critical shipping route logistics chain.
![Surge in Rate Hike Expectations Hammers Nonferrous Metals; SHFE Tin Rebound Aborted, Back to 390,000 Battle [SMM Tin Morning Brief]](https://imgqn.smm.cn/usercenter/BaCbN20251217171752.jpg)
![Macro sentiment dominates the sharp catch-up decline, and amid weak supply and demand, it enters a consolidation and recovery period [SMM Tin Morning Meeting Minutes]](https://imgqn.smm.cn/usercenter/BBJUa20251217171751.jpg)
