[SMM Tin Midday Review: The most-traded SHFE tin contract traded sideways at a high level, with the spot market continuing its sluggish trend] Today, the most-traded SHFE tin contract (SN2506) traded sideways at a high level. It opened at 265,000 yuan/mt in the morning session, maintaining its high-level sideways trend, and closed at 264,830 yuan/mt at midday, up 0.57% from yesterday. Open interest decreased to 30,600 lots.

OpenAI considers building data centers in the UAE. SHFE tin prices surge and stabilize. [SMM Tin Morning Brief] Macro: (1) SoftBank: Investment in OpenAI may reach US$20 billion. OpenAI considers building data centers in the UAE, with an official announcement potentially coming during Trump's Middle East trip. (Bullish ★) (2) The US Department of Commerce revokes AI chip export control rules from the Biden administration era, possibly shifting to a bilateral negotiation model. (Bullish ★) (3) The year-on-year rate of unadjusted CPI in the US in April unexpectedly fell to a four-year low of 2.3%. (Bullish ★) (4) Tariffs - US Treasury Secretary: The US will bring pharmaceuticals, semiconductors, and other strategic industries back home. ② India proposes to impose retaliatory tariffs on some US products. ③ Trump threatens to impose tariffs on countries that impose tariffs on the US. ④ US officials: Approximately 20-25 agreements are currently on the trade negotiation table, and the next trade agreement will be announced when Trump returns to the US.

[SMM Monthly Outlook: Weak Fundamentals in Both Supply and Demand, Tin Prices to Experience Short-Term Volatility, "Waiting for the Wind" - Macro Factors May Be the Key to Breaking the Deadlock!] As Alphamin announced the phased resumption of production at the Bisie mine and the successful convening of the Myanmar tin mine production resumption meeting, market expectations for a tight future tin ore supply have improved. However, concerns over uncertainties in global economic growth and demand prospects triggered by tariffs have also suppressed tin prices. Coupled with a significant decline in market risk appetite, tin prices, which hit a new high in early April, have since experienced a notable correction. Ultimately, LME tin prices fell by 14.46% in April, while SHFE tin prices dropped by 9.03% in the same month. Following the sharp decline in April, since entering May, except for notable fluctuations in LME tin prices during the first two trading days of the month, both LME tin and SHFE tin have predominantly fluctuated rangebound. As of around 15:37 on May 13, LME tin prices fell by 0.09%, closing at $32,545/mt, with a temporary monthly increase of 3.83% in May; SHFE tin prices rose by 0.37%, closing at 262,070 yuan/mt, with a temporary monthly increase of 0.1% in May.

[SMM Commentary on SHFE Tin Futures: Macro Sentiment Boosts Prices Initially, Fundamentals Suppress Volatility; SHFE Tin Prices Jump Initially and Then Pull Back] On May 13, the most-traded SHFE tin contract (SN2506) closed at 262,070 yuan/mt in the daytime session, up 0.37% from the previous trading day, with a turnover of 25.55 billion yuan. Total open interest reached 30,700 lots. Prices fluctuated sharply during the day, exhibiting a pattern of "macro sentiment boosting prices initially, while fundamentals suppressing volatility"...

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 13 May, 2025

[SMM Tin Midday Review: Alphamin's Production Resumptions Signal End of Tin Market's Most Severe Supply Shock Phase, SHFE Tin Prices Pull Back] Today, the most-traded SHFE tin contract (SN2506) exhibited a volatile and pulling-back trend. It opened higher in the morning at 264,750 yuan/mt (up 1,550 yuan/mt from yesterday's close), then pulled back amid volatility, with the price fluctuating around the 263,000 yuan/mt mark during the session. It closed at 261,030 yuan/mt at midday, down slightly by 0.03% intraday. Total open interest decreased to around 30,500 lots, as some bulls took profits and exited the market.

State-owned Assets Supervision and Administration Commission of the State Council (SASAC): Effectively Optimize the Layout of Strategic Emerging Industries and Future Industries SHFE tin prices remain high and range-bound [SMM Tin Morning News] Macro: (1) SASAC: Effectively optimize the layout of strategic emerging industries and future industries, and accelerate breakthroughs in key core technologies (bullish ★). (2) Goldman Sachs pushes back expectations for US Fed interest rate cuts to the end of the year, and lowers the possibility of a US recession (bullish ★). (3) US tariff revenue surged 130% YoY to $16 billion in April (bullish ★). (4) AI startup Perplexity's valuation soars to $14 billion. The AI search startup Perplexity is in talks for a new round of financing at a valuation of $14 billion, a significant increase from the previous round but below the initial target. Last year, Perplexity's valuation increased from $1 billion to $3 billion, and then tripled a few months later (bullish ★).

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 12 May, 2025