[SMM Tin Midday Review: Demand for Restocking at Lower Prices Released After Labour Day Holiday, SHFE Tin Price Maintained at 260,000 yuan/mt] This morning, the most-traded SHFE tin contract (SN2506) opened at 261,950 yuan/mt, slightly higher than the settlement price of the previous trading day (260,970 yuan/mt). The price fluctuated upward during the session, reaching a high of 264,000 yuan/mt, and closed at 260,560 yuan/mt at midday, with an intraday gain of 0.09%. Open interest increased by 2,529 lots, and market trading sentiment leaned towards caution.

He Lifeng to Visit Switzerland and France, Hold High-Level Sino-US Economic and Trade Talks, and the 10th China-France High-Level Economic and Financial Dialogue SHFE Tin Prices Fluctuate Rangebound [SMM Tin Morning News] Futures Market: The most-traded SHFE tin contract (SN2506) exhibited a rangebound fluctuation trend. It closed at 262,000 yuan/mt during the night session, 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, as the Chinese lead negotiator for Sino-US economic and trade affairs, Vice Premier He Lifeng will hold talks with the US lead negotiator, US Treasury Secretary Bessent. (Bullish ★) (2) The State Council Information Office held a press conference at 9 a.m. today. Departments such as the People's Bank of China and the China Securities Regulatory Commission will make statements and introduce the relevant situation of "a package of financial policies to support market stability and expectation stability." (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, proposing to reduce tariffs on automobiles and steel. ④ Trump: The US-Mexico-Canada Agreement (USMCA) may be renegotiated.

[SMM Tin Futures Brief Commentary: SHFE and LME tin markets show significant divergence in trends, with sluggish trading in the domestic spot market] The most-traded SHFE tin contract (SN2506) exhibited a weak and volatile trend during the day. It briefly surged to 262,000 yuan/mt in the morning session but pulled back in the afternoon due to macro headwinds, eventually closing at 260,970 yuan/mt, down 0.32% from the previous trading day. LME tin, on the other hand, rose 2.66% to $31,700/mt during the day, influenced by disruptions in overseas supply, indicating a significant divergence in trends between SHFE and LME. The US Department of Commerce signaled a "phased adjustment of certain tariffs," but the risk of tariff increases in key areas such as AI chips and consumer electronics remains unresolved. As a core raw material for electronic solder, tin's downstream export demand (e.g., semiconductor packaging, consumer electronics) is directly suppressed by the uncertainty of tariff policies. The market is concerned that if the US further expands the scope of tariff increases, China's tin solder exports may face dual pressures of rising costs and order losses, leading to weaker-than-expected restocking demand after the holiday...

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 6 May, 2025

[SMM Tin Midday Review: Post-Holiday Restocking Sentiment Heats Up, SHFE Tin Prices Rebound Slightly] As of the midday close today, the most-traded SHFE tin contract SN2506 closed at 261,960 yuan/mt, up 0.06% from yesterday's settlement price, with an intraday fluctuation range of 257,800-262,000 yuan/mt. Trading volume and open interest decreased slightly, with market sentiment remaining cautious. The most-traded LME tin contract was temporarily quoted at $31,850/mt, up 3.14%. Fluctuating tariff policies: The US Department of Commerce signaled "potential partial or phased adjustments to tariffs," but the risk of tariff increases in areas such as AI chips and consumer electronics remains unresolved, with ongoing market concerns about the demand for tin's downstream exports.

The country increases investment to support long-term data infrastructure construction. SHFE tin prices weaken before the holiday [SMM Tin Morning News] Macro: (1) The country increases investment to support long-term data infrastructure construction. (Bullish ★) (2) Tariffs - ① It is reported that India has proposed to impose reciprocal zero tariffs on a certain quantity of US auto parts and steel. ② Informed sources: The US has rejected Japan's request for a comprehensive exemption from the 10% reciprocal tariff. ③ The White House states that no final decision has been made on film tariffs. ④ Trump: Will announce tariff measures on pharmaceutical products within the next two weeks. (Bullish ★) (3) The DRC government and anti-government armed forces have initiated a new round of dialogue. (Bullish ★)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 30 Apr, 2025

[SMM Analysis: Analysis and Trend Outlook of China's Refined Tin Industry in April 2025]: According to SMM's data based on market exchange processing, in April 2025, China's refined tin production decreased by 0.52% MoM and 8.13% YoY. Due to the continuous tightening of the supply chain for tin concentrates and scrap tin, which imposed rigid constraints on capacity, the overall operating rate declined slightly. Yunnan Production Area: There was significant pressure on the raw material side. Myanmar's tin ore imports remained below the warning line of 10,000 mt for several consecutive months. The tin concentrate treatment charges (TCs) stayed at historically low levels, putting pressure on smelter profits and limiting production enthusiasm...