On November 4, tin prices first fell and then rose, with the price center edging slightly lower. Mysteel's survey showed Shanghai market transaction prices at 15:30 at Yuan 354,000–358,000/t, averaging Yuan 356,000/t, down Yuan 1,000/t from the previous trading day. In terms of market trading, smelters were mostly firm on quotes, and shipments were moderate. Traders reported that downstream enterprises had purchased more the previous day and tin prices rebounded from intraday lows, so downstream purchasing willingness weakened, with buying mainly for essential restocking. At the end-user level, order growth was limited, but some enterprises, worried about a tin price rebound, placed orders in clusters. Overall, spot trading volume in the tin ingot market was acceptable but down from the previous period. Looking ahead, the U.S. midterm elections have concluded, reducing market uncertainty. Meanwhile, stronger expectations for U.S.-Iran peace talks, combined with geopolitical easing signals, drove oil prices sharply lower and reduced inflation expectations. In summary, cooling risk aversion weakened the U.S. dollar index, which is positive for tin prices; in the short term, tin prices may have room to rebound.
