SHFE Tin Prices Boosted by Macro Factors, May Remain in High-Level Consolidation [SMM Tin Midday Review]

[SMM Tin Midday Review: SHFE Tin Prices Boosted by Macro Factors, Likely to Maintain High-Level Consolidation] During today's daytime session, prices surged significantly, driven by overall support from the macro front, with metals showing a broad-based rally. Specifically, data released by the US Bureau of Labor Statistics showed that the US CPI for December 2024 rose 2.9% YoY, marking the third consecutive month of rebound and the highest level since July 2024, in line with market expectations (previous value: 2.7%). Meanwhile, the core CPI for December 2024 increased 3.2% YoY, below the expected 3.3% (previous value: 3.3%). Following the data release, the market increased its bets on a US Fed interest rate cut in June this year, with the likelihood of two rate cuts by the Fed in 2025 rising. The market now broadly expects the Fed to cut interest rates by the end of July this year, compared to the previous expectation of September. Domestically, on the 15th, the Ministry of Commerce and other departments issued two documents outlining subsidies for the purchase of new mobile phones, tablets, and smartwatches (or bands), as well as arrangements for the 2025 trade-in program for household appliances, specifying detailed subsidy categories and standards. This is expected to further stimulate end-use demand and boost downstream tin demand in 2025. Overall, SHFE tin prices were significantly lifted today by multiple factors, showing a strong upward trend and are likely to maintain high-level consolidation. Considering the recent stability in fundamentals, SHFE tin prices are expected to exhibit a high-level fluctuating trend. ……