The most-traded SHFE tin contract opened slightly lower during the night session and fluctuated with a rebound, while downstream enterprises maintained just-in-time procurement. [SMM Tin Morning Brief]

[SMM Aluminum Morning Meeting Minutes: US Fed "Newcomer" Supports Additional Interest Rate Cuts This Year, Aluminum Market Shows High Fluctuation Trend] SHFE aluminum 2511 contract closed at 20,975 yuan/mt, up 0.55%. MA indicators show that MA5 (20,973), MA10 (20,972), and MA30 (20,971.83) are highly convergent with the closing price, indicating a rangebound fluctuation pattern; open interest decreased by 3,512 lots, reflecting cautious sentiment among investors; in the MACD indicator, DIFF (0.4192) and DEA (0.2244) maintain a golden cross, but the MACD histogram shortened to 0.3898, indicating weakened upward momentum. The technical picture shows a fluctuating but upward bias, with key resistance around the 21,050-21,100 yuan/mt range, and support levels shifting upward to 20,880-20,920 yuan/mt (night session low and dense moving average area). Breakout direction within the range needs monitoring. Macro front: 2026 FOMC voting member, Philadelphia Fed President Paulson hinted that she favors two additional 25-basis-point interest rate cuts this year, as monetary policy should be formulated ignoring the impact of tariffs on consumer price increases. (Bullish ★) Domestically, China's special port fee on US vessels takes effect today. The General Office of the Ministry of Transport issued the "Implementation Measures for Collecting Special Port Fees on US Vessels," stating that vessels engaged in international maritime transport, berthing at Chinese ports, and meeting one of the following conditions shall pay a special port fee. (Bearish ★)