On November 9, tin prices first rose and then fell. Mysteel's survey showed Shanghai market transaction prices at 15:30 at Yuan 350,000–355,000/t, averaging Yuan 352,500/t, up Yuan 4,000/t from the previous trading day. Smelters mostly held firm on prices, with average shipments. Traders reported that a slight afternoon price decline prompted limited need-based restocking, but overall trading volume was weak. End-user orders were mainly for immediate needs, with limited growth. In summary, trading in the tin ingot spot market was relatively sluggish. Going forward, low inventories and elevated spot premiums should lend support to tin prices, while the U.S. dollar index has retreated from its highs and AI and semiconductor equities have rallied strongly on dip-buying. Tin prices are therefore expected to rebound from lows in the short term, though the imminent end of maintenance at major smelters and lackluster consumption will somewhat limit the upside.
