SMM Morning Meeting Minutes: Overnight, LME copper opened at $13,240.5/mt, fluctuated upward to a high of $13,295/mt in early trading, then the copper price center dropped sharply to $13,182.5/mt, followed by wild swings, and finally closed at $13,242/mt, down 0.26%, with trading volume at 17,000 lots and open interest at 287,000 lots, a decrease of 2,451 lots from the previous trading day, indicating bulls reducing positions. Overnight, the most-traded SHFE copper 2606 contract opened at 102,350 yuan/mt, rose to 102,510 yuan/mt in early trading, then the copper price center dropped sharply to 101,700 yuan/mt, before fluctuating upward to finally close at 102,290 yuan/mt, down 0.09%, with trading volume at 28,500 lots and open interest at 174,000 lots, an increase of 820 lots from the previous trading day, indicating bears adding positions.

SMM, February 27: After the Chinese New Year, the tungsten market got off to a good start, re-entering an accelerated uptrend and repeatedly hitting new highs.

[SMM Tin Analysis: Armed Conflicts in Northern Myanmar, Analysis of the Man Maw Tin Mine Situation]

[Announcement on the Review Results of the Geological Environment Protection and Land Reclamation Plan for the Xierbulisayi Iron Ore Mine in Xinjiang] The Department of Natural Resources of Xinjiang Uyghur Autonomous Region issued an announcement on June 12: In accordance with the "Land Reclamation Regulations," "Provisions on the Protection of Geological Environment in Mines," and the "Notice on Doing a Good Job in the Compilation and Review of the Geological Environment Protection and Land Reclamation Plan for Mines" (XGTZG [2018] No. 1), the "Geological Environment Protection and Land Reclamation Plan for the Xierbulisayi Iron Ore Mine in Taxkorgan Tajik Autonomous County, Xinjiang, by Pamir Mining Co., Ltd." has passed the review. After public announcement without any objections, it is now officially announced.

[SMM SHFE Tin Brief Review: Sluggish Growth in Orders for Consumer Electronics and Automotive Electronics, Significant Weakening of Purchase Willingness Among Downstream Enterprises] Today, the most-traded SHFE tin contract (SN2507) fluctuated rangebound, opening at 265,100 yuan/mt and closing at 265,150 yuan/mt, with a trading volume of 13.505 billion yuan. Market trading was sluggish, and open interest decreased to 25,600 lots, reflecting the ongoing tug-of-war between bulls and bears near the 265,000 yuan/mt threshold, with a lack of clear direction in the short term.​​Tightening Raw Material Supply​​: The pace of production resumptions at tin mines in Myanmar's Wa region remains uncertain. Additionally, Thailand has suspended the transit of tin ore from Myanmar through its territory since June 4, which is expected to reduce domestic tin ore imports by 500-1,000 mt in June. Affected by the shortage of raw materials and the rainy season, waste tin recycling in Yunnan and Jiangxi, the two major producing regions, has been impacted. As a result, smelters' operating rates have remained low, and the supply of refined tin has continued to tighten.

[SMM Tin Futures Brief Commentary: Tug-of-War at the 260,000 Yuan/mt Mark for the Most-Traded SHFE Tin Contract; Myanmar Mine Shipments Hindered, Offsetting Off-Season Consumption] Today, the most-traded SHFE tin contract (SN2507) closed at 263,740 yuan/mt, with an intraday gain of 0.31% and a cumulative five-day gain of 5.37%. In the spot market, however, affected by the off-season consumption, downstream purchase sentiment remained sluggish, and overall spot transactions were relatively quiet. Expectations for US Fed interest rate cuts heat up: US May non-farm payrolls data exceeded expectations, but ADP employment growth slowed down. Market expectations for US Fed interest rate cuts diverged, putting pressure on the US dollar index and supporting the prices of non-ferrous metals priced in US dollars. Sino-US economic and trade relations ease: High-level trade consultations between the two countries sent positive signals, alleviating market concerns about tariff policy adjustments and leading to marginal improvements in macro sentiment.