Bassant mentioned that "a comprehensive agreement may be reached within two to three years." The price of SHFE tin is in the doldrums. [SMM Tin Midday Review]

Midday Commentary on the Most-Traded SHFE Tin Contract, April 24, 2025

In the morning session, the most-traded SHFE tin contract (SN2505) showed a trend in the doldrums. After opening, it briefly surged to 262,400 yuan/mt, then pulled back to around 259,000 yuan/mt, and subsequently fluctuated rangebound between 258,500-259,500 yuan/mt. At midday, it closed at 259,110 yuan/mt, a slight increase of 0.2% from the previous day's settlement price. LME tin prices were also under pressure, currently at 31,280 $/mt.

Tariff Policy Implementation Pace Disturbs the Market: US Treasury Secretary Besant reiterated at the IMF meeting that "America First" is not "unilateralism," but emphasized the need to reshape the balance of the international economic system through stronger leadership. His statement hinted that tariff policy adjustments might be accompanied by phased negotiations, and the market remains watchful for the "exemption window" of the 145% tariff on China, suppressing risk appetite.

Divergence in US Fed Policy Path: Besant mentioned that "a comprehensive agreement might be reached within two to three years," coupled with US Fed's Hammack stating that "the threshold for an interest rate cut remains high." The US dollar index maintained a high level of 99, fluctuating at highs, restraining the release of the financial attributes of non-ferrous metals.

Technical and Sentiment Signals

Open Interest Continues to Decline: In the morning session, the open interest of the most-traded SHFE tin contract decreased by 3,205 lots to 21,900 lots.

Afternoon Fluctuation Range Reference: The most-traded SHFE tin contract is expected to maintain a range of 258,000-262,000 yuan/mt.