[SMM Tin Morning Brief: The Most-Traded SHFE Tin Contract Opened Slightly Lower in the Night Session, China Spot Trades Pace Slowed Down]

On May 27, 2026, Suzhou Good-Ark (002079.SZ) hit the daily limit up, closing at 14.04 yuan with a gain of 10.02%. Its total market capitalization was 12.859 billion yuan, circulating market capitalization was 11.478 billion yuan, and turnover was 882 million yuan. The catalysts included PV silver paste technology covering all technology routes, the advancement of private placement fundraising, and share purchases by the controlling shareholder.

[SMM Morning Meeting Summary: The Price Center of the Most-Traded SHFE Tin Contract Remained at a Relatively High Level, but Resistance Gradually Emerged]

SMM May 28: Metals market: As of the midday close, domestic base metals fell across the board. SHFE copper dropped 1%, SHFE aluminum fell 1.08%, SHFE lead declined 0.99%, SHFE zinc lost 0.54%, SHFE tin slid 1.05%, and SHFE nickel fell 1.07%. In addition, the most-traded foundry aluminum futures fell 0.82%, while the most-traded alumina contract rose 0.14%. The most-traded lithium carbonate contract gained 0.27%. The most-traded silicon metal contract dropped 0.64%. The most-traded polysilicon futures fell 0.9%. Ferrous metals mostly rose. Iron ore edged up, rebar and hot-rolled coil each gained less than 0.5%, and stainless steel fell 0.5%. Coking coal and coke: the most-traded coking coal contract rose 2.09%, and the most-traded coke contract gained 2.44%. Overseas base metals, as of 11:39, LME metals fell nearly across the board. LME copper dropped 0.2%. LME aluminum and LME lead both fell 0.15%. LME zinc was flat at $3,507.5/mt. LME tin declined 0.55%. LME nickel lost 0.45%. Precious metals, as of 11:39, COMEX gold fell 1.47% and COMEX silver dropped 2.6%. Domestic precious metals: the most-traded SHFE gold contract fell 2.75%, and the most-traded SHFE silver contract dropped 4.97%. In addition, as of the midday close, the most-traded platinum futures fell 3.78%, and the most-traded palladium futures declined 3.75%. As of the midday close, the most-traded Europe containerized freight index contract rose 1.22% to 2,995.5 points. As of 11:39 on May 28, midday futures quotes for selected contracts: Spot Prices and Fundamentals Copper: Today in Guangdong, #1 copper cathode spot prices against the front-month contract: high-quality copper was quoted at a premium of 120 yuan/mt, down 10 yuan/mt from the previous trading day; standard-quality copper was quoted at a premium of 50 yuan/mt, down 10 yuan/mt from the previous trading day; SX-EW copper was quoted at a discount of 20 yuan/mt, down 10 yuan/mt from the previous trading day. The average price of Guangdong #1 copper cathode was 103,695 yuan/mt, down 1,395 yuan/mt from the previous trading day, and the average price of SX-EW copper was 103,590 yuan/mt, down 1,395 yuan/mt from the previous trading day. Spot market: Guangdong inventory increased again, mainly driven by rising arrivals and weakening consumption... Macro Front China: [CSRC Vice Chairman Liu Haoling: Foreign investors' willingness to allocate to China's quality assets continues to rise] On May 28, the 2026 Global Investor Conference hosted by the Shenzhen Stock Exchange was held in Shenzhen. CSRC Vice Chairman Liu Haoling stated in his address that China's capital market reforms integrating investment and financing had progressed steadily and continued to deliver results, overall market valuations were within a reasonable range, and foreign investors' willingness to allocate to China's quality assets continued to rise. In his address, Liu Haolin stated that China is a major contributor to and stabilizing anchor for global economic growth, and a fertile ground for foreign enterprises to invest and do business. Since the beginning of this year, foreign capital has been flowing steadily into China's stock market through various channels. As of now, various overseas investors hold over 4 trillion yuan in A-share tradable market capitalization, making them important participants in China's capital market. (Wallstreetcn) PBOC conducted 101.3 billion yuan of 7-day reverse repo operations in the open market, with the operation rate at 1.40%, unchanged from the previous day. Today, 100 billion yuan of reverse repos matured. US dollar: As of 11:39, the US dollar index rose 0.25% to 99.48. Persistently high energy prices intensified market concerns about a resurgence in inflation. Chicago Fed President Goolsbee on Thursday further reinforced his warning: rising market expectations for AI's potential to boost productivity could push up inflation and force the US Fed and other central banks to raise interest rates. Goolsbee said: "The more hype there is about future productivity, the higher rates may need to go to prevent the economy from overheating. More importantly, facing supply shocks in the short term—whether from oil prices, supply chain disruptions, or other factors—makes the problem even worse." The above remarks further expanded on the views Goolsbee first publicly raised earlier this month. He questioned the notion that AI could suppress inflation and thereby create room for central banks to cut interest rates—a view championed by many officials in the Trump administration as well as new US Fed Chair Warsh. In the 1990s, as computers became more widely adopted, US productivity rose unexpectedly, driving rapid economic growth without triggering inflation. However, Goolsbee argued that if productivity gains are anticipated by the market, the situation would be different. Markets could trigger a spending boom in advance, pushing up prices before actual productivity gains materialize. US Fed Vice Chair Jefferson said he expected inflation to cool later this year as the effects of tariffs and rising energy costs fade, but he warned that inflation risks remain tilted to the upside. In remarks prepared for delivery at a Bank of Japan-hosted conference in Tokyo on Thursday morning, Jefferson said he is watching for signs that rising energy costs from the Iran war are weighing on consumer spending. He also warned that he continued to see signs of weakness in the labour market. Jefferson reiterated his view that the central bank's current policy stance was well positioned to respond to any developments. Jefferson stated, "I am not prejudging the next meeting and look forward to engaging with my colleagues on the best policy to achieve our dual mandate goals." (Jin10 Data) Other currencies: The Bank of Korea's six-month dot plot showed that among 21 dots, 7 were at 2.75%, 10 at 3%, 2 at 3.25%, and 2 at 2.5%. (From Wallstreetcn APP) Data: Data to be released today include the eurozone May industrial confidence index, eurozone May economic sentiment index, Canada Q1 current account, US initial jobless claims for the week ending May 23, US April core PCE price index YoY, US April personal spending MoM, US Q1 real GDP annualized QoQ revised, US April core PCE price index MoM, and US April durable goods orders MoM. In addition, attention should be paid to: the ECB publishing the minutes of its April monetary policy meeting; permanent FOMC voter and New York Fed President Williams delivering a keynote speech at a conference co-organized by the Central Bank of Iceland; 2028 FOMC voter and St. Louis Fed President Musalem delivering a speech. Crude oil: As of 11:39, both benchmarks rose, with WTI up 3.1% and Brent up 3.07%. US-Iran tensions escalated again, driving crude oil higher. US President Trump expressed dissatisfaction with negotiations with Iran, and the White House subsequently denied Iranian media reports of progress in peace talks, quickly dampening earlier market optimism about a ceasefire agreement. The US-Iran conflict entered its fourth month, with ceasefire prospects remaining uncertain. According to Xinhua News Agency, US President Trump said at a cabinet meeting at the White House on the 27th that the US and Iran had not yet reached a deal and the US was "dissatisfied" with this, fully rejecting the potential mechanism for joint US-Iran-Oman management of the Strait of Hormuz. (Wallstreetcn) The American Petroleum Institute (API) released data showing that US crude oil and gasoline inventories both declined last week. US API crude oil inventory for the week ending May 22 was -2.819 million barrels, versus expectations of -4.367 million barrels and a prior value of -9.11 million barrels. US API gasoline inventory for the week ending May 22 was -3.199 million barrels, versus expectations of -2.896 million barrels and a prior value of -5.795 million barrels. (Jin10 Data APP) Spot market overview: ► ► ► ► ► ► ► ► ► ► ► ► ► ►

[SMM Tin Morning Brief: The Most-Traded SHFE Tin Contract Maintained Wild Swings, Spot Market Trading Remained Sluggish]

Futures: Overnight, LME lead opened at $2,011.5/mt, briefly touched a low of $2,010/mt during the Asian session before fluctuating upward; during the European session, it probed a high of $2,022/mt before pulling back slightly, ultimately closing at $2,015.5/mt, up 0.12%. Overnight, the most-traded SHFE lead 2607 contract opened at 16,740 yuan/mt, fluctuating around the intraday moving average, with a low of 16,710 yuan/mt and a high of 16,775 yuan/mt, ultimately closing at 16,745 yuan/mt, down 0.06%. On the macro front: Uzbekistan fully resumed gold exports in April. Malaysia reportedly imposed a 10% tariff on imports of certain gold bars. According to Yonhap News Agency, a South Korean court rejected an injunction request to suspend negotiations with Samsung's main union. Micron Technology's total market capitalization reached $1 trillion, setting a new all-time high again. Since the beginning of this year, Micron Technology has accumulated a gain of 210%. Data from the China Academy of Information and Communications Technology showed that in April 2026, mobile phone shipments in the Chinese market reached 25.733 million units, up 2.8% YoY, of which 5G phones accounted for 24.736 million units. : In the Jiangsu, Zhejiang, Shanghai market, warrant quotations were limited, and suppliers continued to offer cargoes self-picked up from primary lead smelter production sites. Meanwhile, as SHFE lead retreated after rapid rise, suppliers had mixed sentiments on shipments — some eased their stance on holding prices firm while others held firm on prices for shipments. Mainstream origin primary lead was quoted at premiums of 0-50 yuan/mt against the SMM #1 lead average price, with a few regions at premiums of 120-200 yuan/mt. Additionally, secondary lead smelters continued to operate at a loss, and their quotations remained relatively firm, with secondary refined lead quoted at premiums of 0-50 yuan/mt against SMM #1 lead on an ex-factory basis. Downstream enterprises had limited rigid demand, especially with lead prices fluctuating at highs, and downstream enterprises made few inquiries, with spot market transactions turning sluggish. Inventory: On May 26, LME lead inventory decreased by 775 mt to 285,700 mt; as of May 25, SMM lead ingot social inventory across five locations decreased by 3,200 mt compared with May 18. Lead Price Forecast for Today: Consumption side, the lead-acid battery market remained in off-season mode, with downstream enterprises' rigid demand still limited. Combined with lead prices rebounding, downstream enterprises became more cautious in procurement. Supply side, primary lead and secondary lead enterprises maintained stable to slightly rising production, with secondary lead losses beginning to recover and market circulating supply increasing, as spot lead trading gradually shifted to discounts (against SMM #1 lead). Meanwhile, tight supply of high-grade lead ingots in the Southeast Asian market has yet to ease, while Australian lead-zinc smelters are ramping up production. With bullish and bearish factors coexisting, lead prices are expected to continue fluctuating at highs. Data Source Statement: All data other than public information is SMM processed data based on public information, market communication, and SMM's internal database model, for reference only and does not constitute decision-making advice.