On June 4, tin prices rose before falling, yet remained above Yuan 440,000/tonne. The elevated prices have boosted the willingness of enterprises to deliver metal to warehouses. According to a Mysteel survey of 10 warehouses in Shanghai, Guangdong, and Jiangsu, tin ingot futures inventory increased by 4,034 tonnes yesterday to 11,681 tonnes. In contrast, trading in the tin ingot spot market was quiet, with most downstream firms holding a wait-and-see stance and only a handful making purchases. End-users maintained only rigid demand amid the seasonal lull in consumption and high tin prices. Looking ahead, macroeconomic factors are expected to cause some short-term disturbance to tin prices, with attention needed on the U.S.-Iran geopolitical conflict and the Fed's interest rate policy. Fundamentally, tin's use in AI servers, optical modules, and advanced semiconductor packaging supports positive demand growth expectations and provides support for prices. Overall, tin prices are expected to remain at a high level in the near term.
