Tin prices were little changed in early trading as declining exchange inventories supported the market while end users continued to buy cautiously. SMM #1 tin was quoted at 387,700–390,200 yuan per metric ton, averaging 388,950 yuan, up 550 yuan from the previous session.
The most-traded Shanghai tin contract shifted from SN2611 to SN2612.
Physical-market activity remained limited. Downstream companies were mainly using existing inventories and buying only what they needed immediately, leaving no clear sign of a demand recovery. At the same time, smelters showed little willingness to sell and traders had largely exhausted cheaper cargoes offered earlier, allowing holders to maintain firm asking prices.
Visible inventories reinforced the supply-side support. Shanghai tin warrants fell to 1,982 tons, below the 2,000-ton mark, while London inventory stood at 4,000 tons, including 3,635 tons of registered warrants and 365 tons of cancelled warrants.
Macro markets added to the hesitation. The Federal Reserve meeting had concluded, with the decision due early the following morning in Beijing; market expectations favored no immediate rate change, while the possibility of a cumulative 25-basis-point increase by December remained a source of pressure. Attention was shifting toward how long borrowing costs might stay high, alongside the direction of the November 3 midterm elections. In this setting, low inventories offered downside support, but weak follow-through from consumers limited the upside.
The short-term ranges supplied for the market was 378,000–400,000 yuan per ton for Shanghai tin and $49,000–$52,000 for London tin. Further market attention was directed to the Federal Reserve statement, changes in December rate-hike expectations and the election outlook. Separately, Minsur submitted a proposed $22 million modification plan for Peru’s San Rafael mine, covering the treatment of 651,567 tons of B3 tailings and the processing of usable material from the Larancota waste dump; the proposal would raise concrete capacity for tunnel support and add water-recirculation measures without increasing approved mining capacity.