US Dollar Index Under Pressure and Declining, SHFE Tin Prices Expected to Continue Fluctuating Trend [SMM Tin Midday Review]

[SMM Tin Midday Review: US Dollar Index Under Pressure, SHFE Tin Prices Expected to Maintain a Fluctuating Trend] This morning, the most-traded SHFE tin 2503 futures contract opened at 259,010 yuan/mt, up 1,510 yuan, and then continued fluctuating at high levels, with an intraday high of 261,000 yuan/mt. By midday, the most-traded contract closed at 257,340 yuan/mt, up 270 yuan from the previous trading day. The US January CPI data exceeded expectations, with core CPI rising 0.4% MoM, prompting the market to reprice the US Fed's interest rate cut pace. The US dollar index came under pressure and fell, boosting the prices of base metals denominated in US dollars. Domestically, with the Two Sessions approaching, policy expectations are heating up, coupled with accelerated post-holiday resumption of work and production, improving the demand outlook for industrial metals and further supporting tin prices. On the supply side, Indonesia's tin ingot exports remain at low levels, combined with a decline in operating rates at some domestic smelters due to tight raw material supply. High prices suppress demand: Current prices near 260,000 yuan/mt may dampen downstream purchase willingness, and caution is needed against potential downward pressure from insufficient demand elasticity. SHFE tin futures prices are expected to continue consolidating at high levels in the afternoon, with a narrower fluctuation range of 256,000-259,000 yuan/mt...