SMM Morning Meeting Summary: Macro Trends Impact Metal Markets, Watch for Production Resumption in Wa State

[SMM Morning Meeting Summary: Watch for Wa State's Production Resumption Progress, SHFE Tin May Maintain Sideways Movement]

Macro internationally, the US February ADP employment data fell significantly below expectations, and the US dollar index pulled back to around the 104 level. Additionally, the announcement of Germany's large-scale infrastructure plan boosted the overall performance of the non-ferrous metals sector.

Domestically, during the Two Sessions, the government work report proposed multiple growth-stabilizing policies, including a fiscal deficit rate planned at 4% and the issuance of over 11 trillion yuan in new special and local government bonds. Market expectations for growth-stabilizing policies intensified, leading to broad gains in Chinese assets. However, as the policy statements did not exceed expectations, the market maintained a cautious stance on macro guidance, limiting the upside room for tin prices...