Macro factors and mine disruptions coexist, with the most-traded SHFE tin contract closing at 268,540 yuan/mt, fluctuating at highs [SMM tin futures review]

[Tin Market Daily Review, July 23, 2025]

The most-traded SHFE tin contract (SN2508) closed at 268,540 yuan/mt, up 0.42% from the previous day. Intraday fluctuations: the high reached 270,120 yuan/mt, the low touched 267,660 yuan/mt, with a trading volume of 69,039 lots and turnover of 18.565 billion yuan. Spot-futures price spread structure: spot premiums narrowed, with Yunnan Tin brand premiums over futures at 700-1,000 yuan/mt. Market sentiment showed strong reluctance to budge on prices but sluggish trading. LME tin contract was quoted at $34,025/mt, up 0.31%.

Progress in China-US trade talks: The third round of negotiations is scheduled for next week in Sweden. The market holds optimistic expectations for the August 12 tariff suspension deadline, forming a "no bad news is good news" sentiment.

Sluggish spot transactions: Downstream users hesitated to buy at high prices, mainly consuming inventories, with traders' daily average transaction volume remaining in single digits.

Industrial capital hedging: Smelters refused to budge on prices and held back sales, but downstream purchase willingness remained weak, resulting in a stalemate across the industry chain.

Speculative capital activity: Intraday volatility expanded for the most-traded SHFE tin contract, driven by the overall strength in the nonferrous metals sector (e.g., copper and zinc rose 0.39%-0.53%).