Tin prices fluctuated widely on April 17, tracing a "W"-shaped pattern. Smelters adjusted offers in line with futures, but actual deals stayed limited. Downstream buyers held a wait-and-see stance, with purchasing interest weak. End-user orders remained limited, showing no sign of pickup. Overall market activity was subdued. Reflecting the lull in trading, China's retail tin ingot inventory barely changed as of April 17, dipping just 261 tonnes week on week to 9,675 tonnes. Looking ahead, tin prices are expected to remain highly sensitive to near-term macroeconomic uncertainty. Close attention should be paid to the geopolitical situation in the Middle East, as well as the level of tin ore imports into China from major suppliers.
