Tin prices fluctuated at high levels on April 16. The SHFE night session briefly rose to Yuan 392,880/tonne.
Improved macro sentiment lifted tin prices. Overseas, there are expectations of an easing of the Middle East situation. The U.S. President said the next round of talks could be held this weekend and did not rule out extending the ceasefire if necessary. Domestically, China's Q1 GDP grew by 5.0% year on year, accelerating by 0.5 percentage points from the previous quarter. On the supply side, tin ore and tin ingot imports are expected to gradually improve. On the demand side, with no further increase in orders from end customers, downstream players adopted a wait-and-see attitude at current price levels, leading to sluggish spot transactions of tin ingots. Overall, fundamentals provide limited support for tin prices, but with improving macro sentiment, tin prices remain elevated and are expected to stay high in the short term.
