The Most-Traded SHFE Tin Contract Broke Above the 390,000 Mark, High Prices Suppressed Spot Cargo Transactions [SMM Tin Midday Review]

Tin Midday Review, April 15, 2026

This morning, the most-traded SHFE tin SN2605 contract fluctuated at highs, closing at 391,380 yuan/mt in the morning session, up 3.44%. LME three-month tin was currently at the lower end of its fluctuation range, temporarily quoted at $50,120/mt, down 0.71%.

On the macro front, although a new round of peace negotiation moves had been released recently, given the prolonged frontlines and frequent reversals in the positions of relevant parties, the market had shown a certain degree of desensitization to the news, gradually shifting to a neutral wait-and-see stance. Against this backdrop, as the key strait could currently achieve partial transit, the market held moderately optimistic expectations for the eventual resolution of geopolitical tensions. Marginally positive peace signals, combined with crude oil and other commodity prices at elevated levels, prompted the market's trading theme to return to an "anti-inflation" preference. The anti-inflation allocation attribute of metals was once again highlighted, providing macro capital support for futures to break upward.

Spot market, as the futures price center shifted upward again, spot market trading became increasingly sluggish. When tin prices previously reached around 370,000 yuan/mt, downstream actual purchase willingness had already declined substantially. Today, SHFE tin broke strongly above the 390,000 yuan/mt level, and market inquiries and transaction activity contracted further. Only some enterprises, driven by a fear-of-further-rises mentality, chose to make small-volume just-in-time procurement on dips during the session, primarily to maintain production.

Overall, today's tin price was mainly driven by the resonance of macro anti-inflation logic and geopolitical easing expectations, but had gradually deviated from the actual support range of spot fundamentals. Going forward, close attention should be paid to the sustainability of macro sentiment, as well as downstream adaptation to and absorption of the current elevated price levels.