Under weak supply-demand, SHFE tin continues to consolidate, and spot market transactions recover slightly [SMM Tin Midday Review]

Tin Midday Review, August 11, 2026

The most-traded SHFE tin sn2609 contract opened at 426,890 yuan/mt today, consolidated within a range of 427,000-428,450 yuan/mt during the session, before closing the morning session at 427,110 yuan/mt, down 0.29% from the previous trading day's settlement price. Capital continued to flow out modestly during the day, with open interest decreasing by 1,004 lots to 49,876 lots. LME prices showed narrow consolidation, with three-month tin on the LME last reported at $55,775/mt, edging down 0.12%.

On the macro front:

(1) Trump publicly stated that after Iran demanded compensation from the U.S. for the military conflict, the U.S. would also seek claims from Iran; he also claimed that the U.S. effectively controls the Strait of Hormuz and has already cleared Iranian-laid mines in the waterway, and geopolitical tensions remain unsettled.

(2) According to Japanese media reports, Bank of Japan Governor Kazuo Ueda strongly hinted at a rate hike in September, a signal that prompted the U.S. and Japan to jointly intervene in the yen exchange rate to curb yen depreciation, with the U.S. expressing active support.

(3) Cleveland Fed President Hammack publicly stated that the Federal Reserve may need to raise rates multiple times to bring inflation down to the 2% target, signaling a relatively hawkish policy stance.

In the spot market, overall prices today changed little from yesterday, and buying interest extended. Suppliers reported that customers were active in inquiries during the morning session, and as the futures price center eased, downstream and end-user enterprises began placing small-volume orders to purchase, with spot transactions continuing to show a clear characteristic of 'rigid demand at low prices'.

Overall, the current tin market lacks strong new signals, and futures are maintaining a stable pattern of 'no major macro fluctuations and a tepid supply-demand balance in fundamentals.' On the supply side, the actual recovery growth in ore and refined tin remains insignificant; on the demand side, the market is still in the traditional consumption off-season, and downstream purchases rely mainly on rigid demand orders at low futures prices, with insufficient capacity to absorb high prices. As the open interest in the most-traded contract further declined to below 50,000 lots today, capital withdrawal caused the price center to ease slightly. In the short term, constrained by market sentiment and the off-season, the price center of the most-traded SHFE tin contract is likely to extend the slight easing before consolidating.