SMM Midday Tin Market Update on January 17, 2025:
The daytime session today opened with continued gains, extending yesterday's upward momentum. Benefiting from the overall boost on the macro front, non-ferrous metals experienced a broad-based rally today. Specifically, the Ministry of Commerce recently addressed its work arrangements for boosting consumption and stabilizing foreign trade, highlighting the effectiveness and follow-up measures of the trade-in policy for consumer goods. In 2024, the trade-in policy drove sales of related products to exceed 13 trillion yuan. The Ministry of Commerce is expected to successively release detailed implementation guidelines for subsidies on new purchases of automobiles, home appliances, home furnishings, electric bicycles, and digital products such as mobile phones. Among these, subsidies for new home appliances could reach up to 2,000 yuan /unit, while subsidies for mobile phones and other digital products could reach up to 500 yuan /unit, with mobile phones and other digital products being included in the subsidy scope for the first time. To ensure a smooth policy transition, if central funds are exhausted, the excess will be supported by local funds. Overall, SHFE tin was boosted by macro factors today, showing sustained gains and maintaining high-level consolidation afterward. Considering the recent stability in fundamentals, SHFE tin prices are likely to maintain a fluctuating trend at high levels.
