DAILY: Rising tin prices weaken spot buying interest

On June 30, tin prices fluctuated higher, with the most-active SHFE tin contract spiking in late trading to an intraday high of Yuan 398,450/t. The spot premium structure remained stable: Yunxi brand ingots were quoted at a premium of about Yuan 1,500/t, other Yun-brand ingots at premiums of Yuan 1,000–1,200/t, small-brand ingots at around Yuan 800/t, and imported tin ingots at a discount of roughly Yuan 300/t. Smelters adjusted their offers along with futures, but sales were only moderate. Some downstream users made purchases, though buying interest weakened as tin prices rose. Orders from end-user markets remained purely driven by rigid demand. Overall, spot market activity was lukewarm. Looking ahead, raw material supply disruptions should provide some floor support for tin prices. However, the U.S.–Iran negotiations remain inconclusive, and the USD index is likely to stay elevated on rate-hike expectations, meaning macro factors will continue to cap prices. Short-term tin prices are expected to see a lower center of gravity