Wa State Industrial and Mineral Management Bureau Issued a Notice; Overall Market Sentiment Bearish [SMM Tin Midday Review]

[SMM Tin Midday Review: Wa State Industrial Mineral Management Bureau Issued a Document, Overall Market Sentiment Bearish] February 27, 2025 SHFE Tin 2503 Contract Midday Review On the morning of February 27, 2025, the SHFE tin 2503 contract showed a fluctuating downward trend. The opening price was 256,700 yuan/mt, with prices fluctuating downward during the morning session, hitting a low of 253,400 yuan/mt and finally closing at 253,900 yuan/mt at midday, down 9,310 yuan from the previous trading day, a decrease of -3.54%. The trading volume was 18,500 lots, continuing to decline compared to yesterday, while open interest decreased by 4,507 lots to 4,672 lots. Today, the most-traded SHFE tin contract maintained the downward trend from the night session, with the price center dropping significantly to around 253,000 yuan/mt. Last night, the Wa State Industrial Mineral Management Bureau issued a document titled "Procedures for Applying for Mining, Beneficiation Plant, and Exploration Licenses." According to the procedures, companies must first submit written application materials to the Wa State Mineral Management Bureau, which will then be registered and filed by the office before being handed over to the survey team for on-site investigation and assessment. Most market participants interpreted this document as a prelude to the resumption of production in the Mansan mining area in Wa State, leading to a bearish market sentiment. From a technical perspective, the SHFE tin 2503 contract broke below the critical support level of 260,000 yuan/mt and is now fluctuating within the range of 252,000 to 255,000 yuan/mt in the short term. The MACD indicator shows that bearish momentum is strengthening. Ahead of the US Fed's interest rate meeting, market volatility may intensify, and close attention should be paid to changes in the US dollar index and global macroeconomic data. Additionally, a slower-than-expected recovery in downstream orders could trigger a technical correction.