On April 22, China's tin prices rebounded from intraday lows but settled below April 21 levels. Although some buyers took advantage of lower prices during the April 21 night session, the subsequent recovery prompted downstream users to remain cautious. Looking ahead, macro factors continue to impact prices. As events have unfolded, markets have shown reduced sensitivity to geopolitical headwinds; additionally, the prospect of a short-term U.S.-Iran ceasefire extension has bolstered risk sentiment. Fundamentally, no significant imbalances are apparent, though persistently soft demand may lead to elevated tin ingot inventory, capping price upside potential. Tin prices are expected to stay rangebound at high levels in the near term. Key watchpoints include U.S.-Iran negotiations and shifts in market sentiment.
