Tin prices rose on November 11. Mysteel's survey showed Shanghai market transaction prices at 15:30 at Yuan 354,000–360,000/t, averaging Yuan 357,000/t, up Yuan 5,500/t from the previous trading day. Trading was subdued. Higher futures prices and elevated spot premiums weakened downstream raw material purchasing sentiment, with only a few firms making small, necessity-based purchases. End-user order growth also remained limited. Overall, spot market activity was quiet. Looking ahead, fundamentals show no clear contradiction and remain in a weak-supply, weak-demand pattern. Low inventories may offer some support, but downstream buying weakens above Yuan 350,000/t. With U.S. dollar strengthening, and global risk appetite cooling, more attention should be paid to how macro sentiment affects tin prices. In the short term, tin prices are expected to remain range-bound.
