SMM

【SMM Morning Meeting Summary: Fed Chairman Powell Reiterates No Rush to Cut Interest Rates, SHFE Tin Prices May Hover at Highs】 Macro internationally, Fed Chairman Powell reiterated no rush to cut interest rates. US Treasury yields rose, coupled with uncertainties in tariff policies, leading to a decline in market risk appetite, which exerted pressure on tin prices. The US dollar index fluctuated significantly, especially after weak US January retail sales data, pulling back to around 107, providing short-term support for the non-ferrous metals sector. However, Fed Governor Bowman emphasized the need for more evidence of declining inflation before cutting interest rates, making the market cautious about the March FOMC meeting and suppressing risk appetite. Domestically, the tin ore market overall showed strong futures performance but relatively weak spot conditions. On the supply side, the expected resumption of Myanmar tin ore production has yet to materialize. Domestic tin ore supply remains relatively stable, but inventory pressure is significant. On the demand side, growth in demand from the electronics industry and the new energy sector supports tin prices, but traditional consumption sectors remain weak. Downstream enterprises are resuming work at a slow pace, and market trading activity is low...