High tin prices remain elevated approaching record levels

Tin prices have remained elevated over the past fortnight, briefly approaching record levels before consolidating around $55,000/t.

While falling exchange inventories have continued to provide fundamental support, speculative activity has cooled in China following the sharp rise in SHFE open interest in early August.
The macroeconomic backdrop has become less supportive in recent days. Fading optimism over US-Iran negotiations has pushed oil and bond yields higher, renewing inflation concerns and weighing on risk sentiment.

Semiconductor equities have also reversed some of their strong early-August recovery, although tin has so far proved relatively resilient.
On the supply side, attention remains focused on Indonesia, where exports are showing tentative signs of recovery.

Meanwhile, plans for a new commodity exchange could have broader implications for the country’s tin trading and export framework.