On June 22, tin prices dipped before rebounding, with the most-traded SHFE tin contract fluctuating between Yuan 410,830/tonne and Yuan 424,500/tonne. In the spot market, smelters adjusted their offer prices in line with futures, though actual shipments were only moderate. Traders reported that a small number of downstream buyers restocked, but most stayed on the sidelines. End users, affected by the seasonal consumption lull and fluctuating tin prices, showed weaker buying interest when prices rose, keeping orders to essential needs. Overall, spot trading was relatively muted. Looking ahead, macro factors will continue to weigh on tin prices. Although the U.S. and Iran reached an agreement to end their conflict within 60 days, market expectations of a Fed rate hike this year have pushed the USD index higher, which will cap tin prices. This week, focus on the U.S. May PCE price index for clues on the inflation outlook.
