SMM

[SMM Tin Midday Review: US Fed's Recent Monetary Policy Stance Remains Neutral, SHFE Tin Prices Fluctuate Upward, Suppressing Spot Market Transactions] Today, the SHFE 2503 tin contract opened with a strong performance. The most-traded contract opened at around 262,500 yuan/mt and subsequently showed a fluctuating upward trend during the morning session. By midday, the most-traded contract price had risen slightly to around 263,400 yuan/mt, up approximately 0.07% from the previous day, indicating intensified tug-of-war between longs and shorts, with active trading sentiment and an overall upward fluctuation. Today's spot market transactions remained sluggish, as the upward fluctuation in tin prices further suppressed purchasing willingness among downstream and end-user enterprises. Most downstream enterprises maintained a wait-and-see attitude or made minimal purchases to meet immediate needs. The US Fed's recent monetary policy stance remained neutral, and the market adopted a cautious attitude toward the outcome of the interest rate meeting. The volatility of the US dollar index further pressured metal prices. Overseas tin ore supply remains uncertain: Indonesia is in a period of low supply, and the Alphamin mine in the DRC faces risks of supply disruption due to regional tensions. However, these factors have not yet caused substantial impacts on production domestically.