[SMM Tin Midday Commentary: SHFE Tin Pulled Back Under Pressure in Early Trading After Rebounding, and Spot Transactions Weakened]

SMM Morning Meeting Summary: Overnight, LME copper opened at $11,816/mt. After dipping to $11,798/mt in early trading, its center rose sharply to a high of $12,395/mt, then hovered at highs, and finally closed at $12,221/mt, up 3.27%. Trading volume reached 52,000 lots, and open interest stood at 292,000 lots, down 944 lots from the previous trading day, mainly reflecting bears cutting positions overall. Overnight, the most-traded SHFE copper 2605 contract opened at 95,010 yuan/mt. After the opening, its center moved higher to a high of 95,900 yuan/mt, after which copper prices maintained a fluctuating trend at highs. Near the close, it dipped to 94,530 yuan/mt and finally closed at 93,840 yuan/mt, up 2.12%. Trading volume reached 120,000 lots, and open interest stood at 198,000 lots, down 6,741 lots from the previous trading day, mainly reflecting bears cutting positions throughout the day.

Dalian iron ore futures strengthened during the morning session before paring gains in the afternoon. The most-traded I2605 contract settled at 824 RMB per tonne, representing a 0.55% increase from the prior trading day.

[SMM Tin Morning Briefing: The Most-Traded SHFE Tin Contract Opened Sharply Higher in the Night Session and Then Rebounded in Volatile Trading, While the Spot Market Will Gradually Cool Down]

[SMM Shanghai Spot Copper] Copper prices rose from yesterday, but both buying and selling sentiment pulled back intraday, indicating that downstream acceptance of current price levels remained limited. In terms of market structure, under the current price spread between futures contracts structure, suppliers showed strong willingness to sell, with some offloading cargo, driving overall spot discounts down rapidly, while downstream willingness to make counteroffers was relatively evident. Entering the second trading session, after premiums were cut further, market transactions improved somewhat, but downstream procurement remained generally cautious, mainly focused on restocking on dips, with insufficient willingness to chase higher prices. Overall, amid the tug-of-war between suppliers actively selling and downstream buyers purchasing cautiously, Shanghai spot copper discounts were expected to remain under pressure tomorrow.

Today, the average price of tax-inclusive Bare Bright Wire in Zhejiang was quoted at 93,700 yuan/mt, marking a daily increase of 700 yuan/mt. The deduction (relative to SMM ChangJiang copper prices) remained stable within the range of 300-400 yuan/mt. Due to recent high-level price pullbacks and sharp market volatility, a strong "wait-and-see" sentiment has emerged, leading to sluggish spot trading performance. Industry experts believe the market is currently in a stalemate. However, trading volumes are expected to bottom out and rebound once prices stabilize or regain their upward momentum.