On June 9, tin prices fell initially before recovering, with the price center shifting higher day on day. In terms of market activity, smelters reported only average sales. Traders noted that downstream purchasing interest was fairly solid-buyers restocked more actively when prices dipped during the day, while a wait-and-see attitude grew in the afternoon as prices rose. End-users also placed more orders at lower price levels. Overall, spot trading volumes for tin ingots picked up relative to the earlier period when prices were elevated. Looking ahead, macro factors are expected to remain a source of volatility for tin prices. Attention should be paid to U.S.-ran geopolitical tensions and the U.S. CPI data due to be released on the evening of June 10 Beijing time. Fundamentally, it is necessary to monitor tin ore supply from Wa State in Myanmar, tin ingot exports from Indonesia, and domestic consumption in China. While macro factors are likely to continue to weigh on tin prices, fundamentals are providing a floor. In the near term, tin prices are expected to trade in a range-bound pattern, with support around Yuan 380,000/tonne.
