US Fed Maintains Interest Rates Unchanged for Third Consecutive Time; SHFE Tin Prices Show Low Opening and Decline in Night Session [[SMM Tin Morning News]]

SMM Tin Morning News on May 8, 2025:

Futures Market: The most-traded SHFE tin contract (SN2506) opened lower and closed lower during the night session. It closed at 259,000 yuan/mt during the night session, down 0.94% from the previous trading day, with total open interest reaching 30,300 lots. Market sentiment was bearish.

Macro: (1) "One Bank, One Bureau, One Commission" made significant announcements, releasing multiple market-stabilizing measures including RRR cuts and interest rate cuts. (Bullish ★) (2) The US Fed kept interest rates unchanged for the third consecutive time, emphasizing in its statement the heightened risks of inflation and rising unemployment. Powell highlighted uncertainties and the low cost of continuing to wait and see, indicating no rush to cut interest rates. Powell also stated that he had no intention of actively meeting with Trump, and that the latter's calls for interest rate cuts would not hinder the Fed's work. (Bullish ★) (3) Tariffs - ① The EU's trade chief said the European Commission would announce preparations for the next steps in retaliatory measures against US tariffs on Thursday. ② The EU stated that it would impose tariffs on Boeing and US automobiles if trade negotiations failed. ③ The word "tariffs" was mentioned more than 20 times during Powell's press conference.

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

Spot Market: Trading in the spot market was relatively mediocre yesterday. Most traders reported low willingness from customers to inquire and purchase, with the vast majority of downstream enterprises adopting a wait-and-see attitude, awaiting better purchasing opportunities.