On September 14, tin prices fell further. Smelters showed a strong reluctance to sell and held firm on prices, with some raising premium quotes; shipments were moderate. Traders quoted in line with the market and sold more, but some reported that their available inventory had been largely depleted after earlier sales, slightly limiting trading volumes. Downstream buyers were highly active in raw material procurement, and end-user orders improved. Overall, trading sentiment was brisk. Looking ahead, U.S.-Iran geopolitical tensions are keeping oil prices elevated, while sticky inflation has reinforced expectations of Fed rate hikes. These macro factors are likely to weigh heavily on tin prices in the near term, and prices are expected to remain weak. The outcome of this week's FOMC meeting should be watched; once the macro headwinds are fully priced in, tin prices may see a corrective rebound.
