SMM

[SMM Tin Midday Review: Myanmar Tin Ore Resumption Expectations Yet to Materialize, SHFE Tin Prices Fluctuate Upward] On the morning of February 20, 2025, boosted by macro sentiment, the SHFE tin 2503 contract showed a fluctuating upward trend. The opening price was around 260,000 yuan/mt, and it finally closed at 262,280 yuan/mt, up 0.26% from the previous trading day. Trading volume reached 46,800 lots, while open interest decreased by 1,596 lots to 25,400 lots. Macro factors: Fed Chairman Powell reiterated that there is no rush to cut interest rates, US Treasury yields rose, and uncertainties surrounding tariff policies reduced market risk appetite, exerting pressure on tin prices. Supply-demand relationship: Supply side, Myanmar tin ore resumption expectations have yet to materialize, and domestic tin ore supply remains relatively stable, but inventory pressure is significant. Demand side, growth in demand from the electronics and new energy sectors supports tin prices, but traditional consumption sectors remain weak, downstream enterprises are slow to resume operations, and market trading activity is low.