SMM

The US dollar index first declined and then rebounded, putting pressure on SHFE tin prices [SMM Tin Morning Brief]. Trump stated that he would investigate China's trade practices but did not announce new tariff measures. The US dollar index first declined and then rebounded, gradually pressuring base metals. During yesterday's night session, SHFE tin prices showed a pullback trend. In the futures market, the price of the most-traded SHFE tin contract gradually slid from its recent high to 249,000 yuan/mt, entering a fluctuate rangebound state. In the spot market, due to the strong performance of the futures market, spot tin prices did not drop significantly. Meanwhile, considering that most downstream and end-user enterprises are preparing for the Chinese New Year holiday, coupled with the fact that logistics have largely ceased before the holiday, the spot market saw weak transactions and is expected to remain sluggish. However, market participants should remain cautious and pay attention to market dynamics and policy risks.