SMM

The purchase willingness of downstream enterprises was not strong, and the spot market remained sluggish. [SMM Tin Morning Brief] Last week, the SHFE tin futures market fluctuated upward. At the beginning of the week, news of supply disruptions in DRC tin ore heightened market concerns over supply, pushing up SHFE tin prices. At this time, the expectation of tight supply became the main driver of price increases. The most-traded contract closed with a slight rise, reflecting the market's heightened vigilance regarding uncertainties in future tin ore supply. As the weekend approached, the weakening US dollar, coupled with optimistic expectations for domestic Two Sessions policies, injected new momentum into the market, providing an opportunity for accelerated price increases in SHFE tin. However, compared to the heated futures market, this week's spot trades appeared relatively sluggish. Overall, downstream enterprises showed weak purchase willingness, with most preferring to consume existing inventory rather than increase new purchases.