The Most-Traded SHFE Tin Contract Consolidated at Highs During Night Session as Downstream Enterprise Purchase Enthusiasm Declined [SMM Tin Morning Brief]

SMM Tin Morning Brief, April 27, 2026:

Futures: The most-traded SHFE tin contract opened slightly higher during the night session and then hovered at highs, closing at 391,510 yuan/mt, up 0.3%.

Macro: (1) According to Archermind Technology, the 19th Beijing International Automotive Exhibition opened on April 24. Erik Rehn, Global Senior Vice President of Qt Group, visited the Archermind Technology booth with his team, and the two sides engaged in in-depth discussions on core intelligent cockpit technologies. Both parties focused on key applications of intelligent cockpit 3D HMI, including central display screens, digital instrument clusters, AR-HUD, and ADAS visualization interaction, discussing technology trends and practical experience, and conducting preliminary planning for potential future project collaboration. As a key collaborative showcase at this Beijing auto show, Archermind Technology demonstrated at its booth the Outpace panoramic cockpit HMI project jointly developed with Qt Group. Leveraging Rendering as a Service (RaaS) and SR technologies, this project delivers real-time 3D rendering and real-time environmental perception visualization on mid-end, cost-effective automotive-grade chips. (2) The US government's stake in Intel (INTC.O) surged 300% in value to approximately $36 billion after the chipmaker's financial outlook indicated a sales recovery. Since Intel and the US government announced the investment last August, the paper return has amounted to nearly $27 billion. The company's CEO won White House support through a charm offensive and repaired relations with President Trump, ultimately securing this extraordinary investment.

Fundamentals: (1) Supply side: Most smelters focused on maintaining stable production in April. (2) Demand side: Downstream procurement remained cautious, with purchases made based on order conditions.

Spot market: Demand side, April was at the tail end of the traditional peak consumption season "Golden March, Silver April," and some downstream PV, electronics, and home appliance enterprises still had rigid procurement needs. Under the combined impact of "supply constraint expectations" and "seasonal rigid demand," although high prices suppressed bulk purchases, rigid demand consumption still drove a slight inventory drawdown.

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