On July 8, tin prices traded sideways with a slight upward shift in the midpoint. According to Mysteel, as of 3:30 PM, the traded price for Shanghai 1# tin ingot ranged between Yuan 408,000/t and Yuan 415,000/t, with an average of Yuan 411,500/t, up by Yuan 2,000/t from the previous trading day. In terms of market transactions, sales from smelters and traders remained generally lackluster. Downstream demand was weak, with most customers taking a wait-and-see stance, and only a few making purchases to cover immediate needs. New orders from end-users were limited amid the traditional off-season for consumption and elevated tin prices. Overall, the tin ingot spot market still saw a subdued trading atmosphere. Looking ahead, U.S.-Iran geopolitical tensions are intensifying. Meanwhile, the minutes of the U.S. Fed's June monetary policy meeting showed that policymakers' concerns about inflation had deepened further. As a result, market expectations for Fed rate hikes are likely to heat up in the short term, thereby strengthening the U.S. dollar and weighing on tin prices.
