Minutes of the SMM Tin Morning Meeting on April 8

Cleveland Fed President Mester said last Tuesday that if the data supports it, the June policy meeting may be the time to start easing policy.“If the economy develops as expected, inflation continues to move back toward 2 percent, and the labor market and economic growth remain solid, then I believe it would be appropriate to begin lowering the federal funds rate later this year,” Mester said. At the same time, domestically, Zheng Zhajie, director of the National Development and Reform Commission, hosted a special symposium last Tuesday to communicate with private enterprises on large-scale equipment upgrades and consumer goods trade-ins, which had a strong boosting effect on tin prices at the macro level. Fundamentally, most smelting companies in Yunnan and Jiangxi maintained stable production. At the same time, the import profit window remained close recently, the domestic imported tin ingot volume dropped significantly, and the supply of imported tin ingots in the spot market decreased significantly, but the domestic tin ingot social inventory is still at a high level. In general, the domestic supply of tin ingots is relatively sufficient, and the current purchasing willingness of downstream and terminal enterprises increased, but the actual purchasing strategy is still conservative, and high prices deterred buyers. In the future, we need to pay attention to whether downstream consumption can meet market expectations. Tin prices may continue to fluctuate at a high level.