Social inventory of tin ingots by region on May 24 [SMM data]

According to the SMM survey, as of May 24, social inventory of tin ingots in Shanghai, Jiangsu and Guangdong was 19,411 mt, an increase of 685 mt WoW. Tin prices rose first and then fell last week. Last Monday, SHFE tin prices surged significantly, breaking the previous high and reaching 290,000 yuan/mt, then quickly retreated. Last Tuesday, prices dipped to a relatively low at 271,000 yuan/mt and then rebounded, showing a V-shaped trend. Starting mid-week, tin prices continued to decline from 283,000 yuan/mt, with a slight rebound last Friday. The high SHFE tin prices last Monday inhibited downstream purchasing enthusiasm, with most downstream enterprises adopting a wait-and-see attitude. However, the price dip last Tuesday stimulated some downstream enterprises to make small purchases. Overall, the spot market was relatively active last Tuesday, while transactions were relatively sluggish at other times. The SMM survey also found that the supply of small-brand tin in the spot market was relatively tight.