He Lifeng will visit Switzerland and France, and hold high-level Sino-US economic and trade talks, as well as the 10th China-France High-Level Economic and Financial Dialogue. SHFE tin prices remain fluctuating rangebound. [[SMM Morning Tin Report]]

SMM Tin Morning News on May 7, 2025:

Futures Market: The most-traded SHFE tin contract (SN2506) exhibited a fluctuating rangebound trend. The night session closed at 262,000 yuan/mt, up 0.73% from the previous trading day, with total open interest reaching 29,000 lots. Market trading was relatively cautious.

Macro: (1) He Lifeng will visit Switzerland and France and hold high-level Sino-US economic and trade talks, as well as the 10th China-France High-Level Economic and Financial Dialogue. During his visit to Switzerland, Vice Premier He Lifeng, as the Chinese lead negotiator for Sino-US economic and trade affairs, will hold talks with the US lead negotiator, US Treasury Secretary Bessent. (Bullish ★) (2) The State Council Information Office will hold a press conference at 9 a.m. today, where departments such as the People's Bank of China and the China Securities Regulatory Commission will make statements and introduce the situation regarding "a package of financial policies to support market stability and stabilize expectations." (Bullish ★) (3) Tariffs - ① It is reported that if negotiations fail, the EU will impose tariffs on US goods worth 100 billion euros. ② The UK and India have reached a free trade agreement. ③ UK media: The UK and the US are expected to reach a trade agreement this week, aiming to reduce tariffs on automobiles and steel. ④ Trump: There may be a renegotiation of the USMCA.

Fundamentals: (1) Supply-side disruptions: Production resumptions are underway in the Wa region of Myanmar, with the ore supply tightness only marginally easing. (Bullish ★) (2) Demand side: Solder companies have seen relatively stable orders after the holiday, with no significant increase observed.

Spot Market: Trading in the spot market remained sluggish after the holiday, with most downstream and end-user companies adopting a wait-and-see attitude. There was no significant increase in post-holiday orders, and trading volume in the spot market did not fluctuate significantly.