On October 26, tin prices fluctuated with a slight upward shift. According to Mysteel's survey, the 1# tin ingot transaction price (15:30) was in the range of Yuan 383,000-386,000/tonne, averaging Yuan 384,500/tonne, down by Yuan 1,500/tonne from the previous trading day. In terms of market trading, smelters mostly held firm offers, with average shipments. Traders reported that amid range-bound but firmer prices, only a small number of downstream firms made need-based purchases, while most stayed on the sidelines. End-user orders showed no clear increase. Overall, spot market activity was relatively quiet. Looking ahead, on the macro side, shipping risks in the Strait of Hormuz have not fully eased, and oil prices remain high and volatile; the market awaits the Fed's monetary policy decision and core PCE inflation data; the USD index remains firm; global risk appetite is cautious; fundamentals show no obvious contradictions; low inventories and high premiums provide some support; short-term prices are expected to remain range-bound.
