SHFE Tin Prices Continue to Rise While the Spot Market Becomes Increasingly Sluggish [SMM Tin Midday Review]

Published: Jan 17, 2025 11:18 (GMT+8)

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[SMM Tin Midday Review: SHFE Tin Prices Continue to Rise, Spot Market Becomes Increasingly Quiet] During today's daytime session, prices continued to rise, extending yesterday's upward trend. Benefiting from the overall boost on the macro front, base metals experienced a broad-based rally today. Specifically, the Ministry of Commerce recently addressed work arrangements to boost consumption and stabilize foreign trade, emphasizing the effectiveness and follow-up measures of the trade-in policy for consumer goods. In 2024, the trade-in policy is expected to drive related product sales exceeding 1.3 trillion yuan. The Ministry of Commerce plans to successively release detailed implementation guidelines for subsidies on new purchases of automobiles, home appliances, home furnishings, electric bicycles, and digital products such as mobile phones. Among them, subsidies for new home appliances can reach up to 2,000 yuan per unit, while subsidies for mobile phones and other digital products can go up to 500 yuan per unit, marking the first time mobile phones and similar digital products are included in the subsidy scope. To ensure a smooth policy transition, if central funds are exhausted, the excess portion will be supported by local funds. Overall, SHFE tin prices were boosted by macro factors today, showing a continued upward trend and are expected to consolidate at high levels. Considering the recent stability in fundamentals, SHFE tin prices may maintain a high-level fluctuating trend...

SMM Midday Tin Market Update on January 17, 2025:

The daytime session today opened with continued gains, extending yesterday's upward momentum. Benefiting from the overall boost on the macro front, non-ferrous metals experienced a broad-based rally today. Specifically, the Ministry of Commerce recently addressed its work arrangements for boosting consumption and stabilizing foreign trade, highlighting the effectiveness and follow-up measures of the trade-in policy for consumer goods. In 2024, the trade-in policy drove sales of related products to exceed 13 trillion yuan. The Ministry of Commerce is expected to successively release detailed implementation guidelines for subsidies on new purchases of automobiles, home appliances, home furnishings, electric bicycles, and digital products such as mobile phones. Among these, subsidies for new home appliances could reach up to 2,000 yuan /unit, while subsidies for mobile phones and other digital products could reach up to 500 yuan /unit, with mobile phones and other digital products being included in the subsidy scope for the first time. To ensure a smooth policy transition, if central funds are exhausted, the excess will be supported by local funds. Overall, SHFE tin was boosted by macro factors today, showing sustained gains and maintaining high-level consolidation afterward. Considering the recent stability in fundamentals, SHFE tin prices are likely to maintain a fluctuating trend at high levels.

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