National Data Bureau: Over 80% of the intelligent computing capacity of the "East Data, West Computing" hub periods has been achieved; domestic spot market transactions have shown some recovery [SMM Morning Tin News]

SMM Tin Morning News on April 29, 2025:

Futures Market: The most-traded SHFE tin contract (SN2505) exhibited a weak and volatile trend during the night session. It eventually closed at 260,880 yuan/mt, down slightly by 0.26% from the settlement price of the previous trading day. This trend continued the fluctuating characteristics observed during the daytime session. Open interest decreased by 2,935 lots during the day, with total open interest reaching 9,100 lots.

Macro: (1) Zhang Yiqun from the China Society of Public Finance: The issuance pace of local government special bonds and ultra-long-term special treasury bonds is expected to accelerate significantly in the future. (Bullish ★) (2) US Fed's Financial Stability Report: Global trade wars and policy uncertainties are the biggest risks to financial stability. (3) National Data Bureau: The intelligent computing capacity at the "East Data, West Computing" hub nodes exceeds 80%. (Bullish ★)

Fundamentals: (1) Supply-side disruptions: The Bisie tin mine in the DRC is resuming production in phases, with daily average production recovering to 60%-70% of normal levels. The ore supply tightness has only marginally eased. (Bullish ★) (2) Demand side: Traditional solder exports are suppressed by the US's 245% tariff (accounting for 40% of demand). (Bearish ★)

Spot Market: Trading in the spot market was relatively active yesterday. As the Labour Day holiday approaches, most downstream and end-user enterprises plan to start restocking, combined with a small amount of just-in-time procurement. Trading volume in the spot market increased compared to last Friday.