Tin Price Center Shifted Upward Breaking Through 380,000, Spot Market Trading Sluggish [SMM Tin Midday Review]

Tin Midday Review, April 14, 2026

This morning, the most-traded SHFE tin SN2605 contract opened higher and traded in a volatile range, closing at 381,350 yuan/mt in the morning session, up 2.1%. LME also held up well, with three-month LME tin temporarily quoted at $48,785/mt, up 0.63%.

On the macro front, divergences among parties in the Middle East over negotiation terms intensified recently, with tensions escalating again. Market concerns over shipping safety in the Strait of Hormuz and supply chain disruptions heated up once more. The prolonged geopolitical tensions heightened market expectations for global inflation. According to market feedback, the inflation-hedging properties of non-ferrous metals may attract capital inflows under this backdrop.

Spot market, as futures rebounded above 380,000 yuan, trading activity was rather sluggish. Facing rising absolute prices, downstream enterprises saw a notable decline in purchase willingness, with strong wait-and-see sentiment, and transactions were scarce this morning.

Overall, although tin prices held up well today, the market has largely remained in a volatile range recently. Against the backdrop of intertwined bullish and bearish macro sentiment and intensifying divergences, market participants generally maintained a cautious wait-and-see stance. Continued attention should be paid to developments in the Middle East situation, statements from the US side, and spot market transaction feedback at elevated price levels.