SMM

[SMM Tin Midday Review: The Most-Traded SHFE Tin 2503 Contract Continues Recent High-Level Fluctuations, Lacking Breakthrough Momentum] On the morning of February 25, 2025, the most-traded SHFE tin 2503 contract exhibited high-level fluctuations with a rangebound trend. The opening price was 262,800 yuan/mt, with prices fluctuating at high levels, reaching an intraday high of 263,800 yuan/mt and ultimately closing at 263,500 yuan/mt by midday, down 2,230 yuan from the previous trading day, a decline of -0.84%. Trading volume was 38,400 lots, significantly lower than yesterday, while open interest decreased by 4,063 lots to 15,300 lots. Today, the most-traded SHFE tin contract continued its recent high-level fluctuation pattern, with the price center remaining around 265,000 yuan/mt. The approaching domestic Two Sessions and low LME tin inventory provided price support. Technically, after breaking through the resistance level of 265,000 yuan/mt, the SHFE tin 2503 contract formed a short-term fluctuation platform within the range of 263,000 to 270,000 yuan/mt. The MACD indicator showed a tug-of-war between longs and shorts, with the market lacking breakthrough momentum. The tug-of-war between long and short funds was intense, with bulls leveraging the logic of tight supply to enter the market. However, profit-taking at high levels was evident, and fluctuations in open interest indicated cautious market sentiment.