SMM

[SMM Tin Midday Review: US Dollar Index Fluctuates at High Levels, Weighing on Overall Performance of Base Metals] On the morning of February 26, 2025, the most-traded SHFE tin 2503 contract showed a trend of jumping initially and then pulling back. The opening price was 262,300 yuan/mt, with prices jumping initially and then pulling back during the night session. The intraday high reached 265,300 yuan/mt, and the midday closing price was 262,900 yuan/mt, down 1,290 yuan from the previous trading day, with a decline of -0.49%. The trading volume was 27,500 lots, continuing to decrease compared to yesterday, while open interest fell by 4,378 lots to 10,100 lots. Today, the most-traded SHFE tin contract continued its recent high-level consolidation pattern, with the price center slightly declining to around 263,000 yuan/mt. The approaching domestic Two Sessions and the low LME tin inventory provided support for prices. From a technical perspective, the SHFE tin 2503 contract broke below the key support level of 265,000 yuan/mt and is fluctuating within the range of 260,000 to 265,000 yuan/mt in the short term. The MACD indicator shows that bearish momentum has slightly strengthened, but there is technical support near 260,000 yuan/mt. The US January PCE data is expected to be released soon, and market expectations for US Fed interest rate cuts have become increasingly divided. The US dollar index fluctuates at high levels, weighing on the overall performance of base metals.