Supply is relatively tight, AI demand is supporting, and the long-term upward trend of tin prices can be expected.

Since the beginning of this year, the performance of the metal tin has been eye-catching. This once relatively "niche" variety suddenly stepped into the spotlight because it was labeled as a "computing power metal". After two previous high-level adjustments, since late March, the spot and futures prices of tin in the market have been rising in sync. The main contract of Shanghai tin futures once climbed from a low of 323010 yuan/ton to a high of 449960 yuan/ton, with a cumulative maximum increase of nearly 40%. Industry insiders believe that the current rise in tin prices is the result of a combined effect of supply and demand. On the supply side, the slow progress of production resumption in Myanmar's Wa State, stricter control of resources in Indonesia, and constant disturbances in African production areas have led to low elasticity in global tin supply; on the demand side, new consumption spaces are continuously being opened in fields such as AI computing power and semiconductors. Although the long-term demand fundamentals have significant advantages, the currently high tin prices have restrained the enthusiasm of downstream purchases, and short-term tin prices may remain high and fluctuate. In the medium to long term, the central operating price of tin is expected to gradually rise.