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Supply Fragility in Focus: Tin Prices Poised to Challenge the 440,000 Yuan Threshold

Deep News
May 14

Lead: Among Six Rising Metals, Lead Faces Isolated Pressure; Scrap Battery Firmness Provides Floor | Battery Sector's Off-Season Dynamics. LME lead closed at $2,004 (+0.33%), with LME inventories down by 265,300 tonnes. The SHFE lead main contract closed at 16,640 yuan/ton. The Yangtze spot 1# lead average price on May 14, 2026, was reported at 16,575 yuan/ton (-25). Recycled lead margins are under pressure, and battery procurement is weak during the off-season, but stable scrap battery prices offer cost support. Spot lead today may trade within a narrow range, forecast between 16,500 and 16,700 yuan/ton.

Tin: LME Tin Surges 2.89% in Strong Rebound; LME Inventories Hit New Low of 8,200 Tonnes | Wa State Mining Ban Persists. LME tin led gains, closing at $56,150 (+2.89%), with LME inventories falling by 115 tonnes to a new low of 8,200 tonnes. The SHFE tin main contract closed at 438,920 yuan/ton, up 2.12%. The Yangtze spot 1# tin average price on May 14, 2026, was reported at 432,750 yuan/ton (+1,250). The ongoing mining ban in Wa State and slow export recovery from Indonesia highlight supply fragility, with spot prices trading at a premium across the board. Spot tin today is expected to be firm, forecast between 430,000 and 445,000 yuan/ton.

Nickel: LME Nickel Rises 1.27% in Tandem Rebound; Inventory Overhang Remains | Market in a Tug-of-War. LME nickel closed at $19,165 (+1.27%), with LME inventories down 996 tonnes to 275,778 tonnes. The SHFE nickel main night session contract closed at 147,440 yuan/ton (+0.88%). The Yangtze spot 1# nickel average price on May 14, 2026, was reported at 147,800 yuan/ton (+1,700). Stainless steel procurement is based on rigid demand, Indonesian nickel intermediate product prices are weakening, and high inventories are capping upside potential. Spot nickel today may trade firm within a range, forecast between 147,000 and 149,500 yuan/ton. (Note: Personal views. Core views are based on public information and market analysis. The above is for reference only and not intended as investment advice.)

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