SMM

[SMM Tin Midday Review: Geopolitical Risks in DRC Escalate, Disruptions to Tin Ore Supply Intensify] The most-traded SHFE tin 2504 contract maintained a high-level fluctuation this morning. As of the midday break, it was quoted at 280,710 yuan/mt, up 0.62% from the previous day's settlement price, with an intraday high of 282,900 yuan/mt. Open interest slightly decreased by 552 lots to 23,100 lots, indicating a tentative outflow of funds. The eastern mining hub of Walikale in DRC has been seized by the rebel group "M23 Movement." This area is rich in tin ore, and the world's third-largest tin mine, Bisie, has suspended operations and evacuated personnel. DRC accounts for about 6-8% of global tin ore production, and this incident directly exacerbates market concerns over supply chain disruptions. Coupled with the fact that the resumption of tin mining in Myanmar's Wa State will take more than three months, the short-term supply gap for tin ore is difficult to fill, supporting the upward trend in tin prices.