SMM

[SMM Morning Meeting Summary: Supply-Side Disruptions Persist, SHFE Tin Prices May Hover at Highs] Last week, the tin market exhibited strong futures performance and relatively weak spot market activity, mainly influenced by supply-side disruptions and positive macroeconomic signals. The most-traded SHFE tin futures contract continued to rise after the holiday. In terms of supply, escalating armed conflicts in North Kivu Province of the DRC heightened concerns over disruptions to African tin ore supply, while the mining ban in Wa State, Myanmar, has yet to be lifted, further supporting expectations of higher tin prices. On the demand side, following the end of the Chinese New Year holiday, most downstream enterprises have gradually resumed operations. However, end-user purchasing willingness remains weak, leading to subdued spot market demand and overall low operating rates. Additionally, on the macroeconomic front, US January ADP employment increased by 183,000, far exceeding expectations, indicating resilience in the labour market. However, the ISM services PMI fell short of expectations, and the US Fed's interest rate cut policy remains on hold, which has somewhat constrained the upward momentum for tin prices. Meanwhile, Indonesia's January refined tin exports plunged 66.6% MoM, processing fees for tin concentrates in Yunnan Province continued to decline, and the post-holiday resumption progress of domestic smelters has been slow...