Concerns over the independence and stability of the US Fed's policies have intensified. The trading in the tin ingot spot market was relatively mediocre. [SMM Tin Midday Review]

Published: Apr 18, 2025 11:33

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SMM Tin Midday Review: Market Concerns Over US Fed Policy Independence and Stability Intensify, Spot Tin Ingot Market Sees Mediocre Trading. As of the midday session on April 18, 2025, the most-traded SHFE tin 2506 contract closed at 256,040 yuan/mt, down approximately 0.33% from the previous night session, with intraday volatility expanding to 3.22%. The contract hit a low of 253,660 yuan/mt during the session, as macro sentiment fluctuations and the tug-of-war between sellers and buyers led to a seesaw market trend.

April 18, 2025 Midday Commentary on the Most-Traded SHFE Tin Contract
As of the midday session on April 18, 2025, the most-traded SHFE tin contract (SN2505) closed at 256,040 yuan/mt, down approximately 0.33% from the previous night session. The intraday volatility expanded to 3.22%, with the lowest price touching 253,660 yuan/mt. Affected by macro sentiment fluctuations and the tug-of-war between sellers and buyers, the market showed a tug-of-war between bulls and bears. On the spot market, downstream restocking intentions were suppressed by price fluctuations, and transactions were mainly driven by rigid demand.

Fed Policy Deadlock: Fed Chairman Powell reiterated the stance of "no interest rate cuts for now," emphasizing the need to assess the long-term impact of tariffs on inflation. Coupled with rumors of Trump pressuring for rate cuts or even dismissing Powell, concerns over the independence and stability of the Fed's policies intensified.

US-China Tariff Escalation Impact: The US imposed a 245% tariff on Chinese home appliances, consumer electronics, and other tin-consuming sectors, leading to a weakening expectation for export orders.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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