On June 11, SHFE tin prices oscillated in the range of Yuan 394,210-403,950/tonne, with the center of gravity edging slightly lower. In the spot market, sales from smelters and traders were relatively subdued. After price swings, downstream buyers grew more cautious, and their purchasing interest weakened compared to earlier levels. End-user orders remained largely need-based. Overall, trading volumes were flat. Looking ahead, macroeconomic factors are expected to exert considerable pressure on tin prices in the near term. The U.S. PPI data for May showed that the energy shock triggered by the U.S.-Iran geopolitical conflict is rapidly spreading to a broader range of goods and services. Against the backdrop of a labour market regaining momentum, curbing inflation has become the Fed's top priority. This is expected to keep the USD index elevated, in turn weighing on tin prices. Fundamentally, raw material supply is anticipated to remain tight, providing underlying support for tin prices. On the demand side, high prices have visibly dampened buying sentiment, though long-term consumption demand expectations remain strong. In summary, with headwinds above and support below, tin prices are expected to stay rangebound in the near term.
