[SMM Tin Midday Review: As Labour Day Holiday Approaches, Downstream Enterprises' Willingness to Restock Intensifies, SHFE Tin Prices Fluctuate Rangebound] As of the midday close today, the most-traded SHFE tin 2505 contract (SN2505) was temporarily quoted at 260,900 yuan/mt, down slightly by 0.5% from yesterday's settlement price. The intraday fluctuation range was 259,340-263,350 yuan/mt. Trading volume and open interest contracted slightly on a MoM basis, with cautious market participation. Policy Easing Expectations: US Treasury Secretary Bessent recently stated that "high tariffs between China and the US are unsustainable," suggesting that both sides may partially ease trade frictions in the coming months. This news has alleviated market concerns about suppressed demand for tin used in PV welding strips (due to the US tariff hike on Southeast Asian solar products), supporting the recovery of tin price sentiment.

National Data Bureau: The intelligent computing scale at the hub nodes of the "East Data, West Computing" initiative exceeds 80%; domestic spot market transactions have shown some signs of recovery. [SMM Tin Morning Briefing] Futures Market: The most-traded SHFE tin contract (SN2505) exhibited a weak and volatile trend during the night session. It eventually closed at 260,880 yuan/mt, down slightly by 0.26% from the settlement price of the previous trading day. This trend continued the fluctuating characteristics observed during the daytime session. There was a decrease of 2,935 lots in open interest, with the total open interest reaching 9,100 lots. Macro: (1) Zhang Yiqun from the China Society of Public Finance: The issuance pace of local government special bonds (specific to China) and ultra-long-term special treasury bonds will significantly accelerate in the future. (Bullish ★) (2) US Fed Financial Stability Report: Global trade wars and policy uncertainties pose the greatest risks to financial stability. (3) National Data Bureau: The intelligent computing scale at the hub nodes of the "East Data, West Computing" initiative exceeds 80%. (Bullish ★)

[SMM Tin Futures Brief Commentary: Approaching Labour Day Holiday Drives Restocking by Downstream Enterprises, Spot Market Trading Volume Expected to Rise This Week] As of today's close, the most-traded SHFE tin 2505 contract (SN2505) closed at 260,570 yuan/mt, down 0.63% from the previous trading day, with an intraday trading range of 259,680-264,000 yuan/mt and a trading volume of 12.556 billion yuan. Market sentiment remained cautious. Spot Market: Trading activity in the spot market was relatively robust today. As the Labour Day holiday approaches, most downstream and end-user enterprises plan to commence restocking, coupled with a small amount of just-in-time procurement, leading to an increase in spot market trading volume compared to last Friday...

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 28 Apr, 2025

[SMM Tin Midday Review: SHFE Tin Prices in the Doldrums, Downstream and End-User Enterprises Exercise Caution in Purchasing] As of the midday close today, the most-traded SHFE tin contract SN2505 was temporarily quoted at 260,900 yuan/mt, down slightly by 0.5% from yesterday's settlement price. The intraday fluctuation range was 259,340-263,350 yuan/mt. Trading volume and open interest contracted slightly on a MoM basis, with cautious market participation. Policy Easing Expectations: US Treasury Secretary Bessent recently stated that "high tariffs between China and the US are unsustainable," suggesting that both sides may partially ease trade frictions in the coming months. This news has alleviated market concerns about suppressed demand for tin used in PV welding strips (due to the US tariff hike on Southeast Asian solar products), supporting a sentiment recovery in tin prices.

On Friday evening, LME copper opened at $9,375.5/mt. It initially dipped to $9,350/mt, fluctuated considerably during the session, hitting a high of $9,401.5/mt, and closed at $9,360/mt after continued fluctuations, marking a 1% decline.