[SMM Tin Midday Review: The Most-Traded SHFE Tin Contract Maintains Fluctuating Rangebound Trend, Downstream Processing Enterprises Only Maintain Just-in-Time Procurement] This morning, the most-traded SHFE tin contract (SN2506) maintained a fluctuating rangebound trend, reaching a high of 267,600 yuan/mt and a low of 264,600 yuan/mt during the session. It closed at 265,310 yuan/mt at midday, dropping slightly by approximately 0.67% from yesterday's settlement price. Market trading was generally sluggish, with open interest decreasing to 24,300 lots from yesterday. Both long and short sides were contending near 265,000 yuan/mt.

Overnight, LME copper opened at $9,542.5/mt, rose initially and peaked at $9,567/mt, then fluctuated downward throughout the session, dipping to a low of $9,487/mt near the close, and finally closed at $9,487/mt, down 0.71%.

SHFE tin prices opened lower and continued to decline during the night session, with the spot market potentially heating up. [SMM Tin Morning News] Macro: (1) Zheng Shanjie, Director of the National Development and Reform Commission (NDRC): China's economy has a solid foundation, strong resilience, and great potential, and the fundamental trend of long-term positive growth remains unchanged and will not change. (Bullish ★) (2) The European Commission plans to impose a 2-euro tax on small parcels entering the EU. The Ministry of Foreign Affairs responded, hoping that the EU will adhere to its commitment to openness. (Bullish ★) (3) China Passenger Car Association (CPCA): From May 1-18, nationwide passenger car retail sales increased 12% YoY and 18% MoM. (Bullish ★) (4) Tariffs - (i) It is reported that the EU plans to propose a trade initiative with the US to advance negotiations. (ii) Nike will raise prices in the US, and Amazon's CEO stated that tariffs have not reduced demand. (iii) Lutnick: He hopes to reach trade agreements with most major partners before the tariff suspension expires this summer. (Neutral)

[SMM Tin Midday Review: Spot Market Continues "High Premium, Low Transaction Volume" Pattern, Downstream Enterprises Only Maintain Just-in-Time Procurement] The spot market continues the "high premium, low transaction volume" pattern. SMM1# tin ingot spot cargo is quoted at RMB 267,400-269,400 yuan/mt. However, the high price suppresses downstream enterprises' willingness to restock. Terminal orders in electronics, home appliances, and other sectors have not seen significant growth. Solder enterprises only maintain just-in-time procurement. There is still demand potential in the new energy and AI computing power sectors (e.g., tin for PV welding strips and AI server chips), but in the short term, it is suppressed by high tin prices, and actual consumption growth has not yet materialized.

Driven by macro factors, the most-traded SHFE tin contract saw a slight uptick during the night session. [SMM Tin Morning News] Fundamentals: (1) Supply-side disruptions: Alphamin Resources Corp.'s Bisie tin mine produced 1,290 mt of metal tin between April 15 and May 11, 2025, achieving the expected processing recovery rate. Tin production commenced by processing raw ore stockpiles from the mine, initially from the Mpama North plant, followed by the restart of the Mpama South plant on April 19, 2025. In the last week of April 2025, blasting and transportation of underground ore began, while the mine development rate also increased. Since the restart of the mine, the first batch of fully documented and approved tin concentrates for export was dispatched by truck on May 9, 2025. (Bullish ★) (2) Demand side: After the Labour Day holiday, some downstream processing enterprises gradually resumed operations, and there was some release of demand for restocking at lower prices, but transactions at higher prices remained sluggish. (Bearish ★)

[SMM Tin Futures Brief Commentary: SHFE Tin Ingot Inventory Falls to 8,025 mt, SHFE Tin Prices Pull Back After a Slight Rally to Highs] Today, the most-traded SHFE tin contract (SN2506) exhibited a fluctuating trend at highs. After opening the daytime session, it rallied to 265,600 yuan/mt, but subsequently pulled back under pressure, closing near 264,750 yuan/mt in the daytime session, up slightly by 0.29% from the previous trading day. Market trading activity was moderately weak, with open interest slightly decreasing to 25,800 lots, indicating that some bulls took profits and exited the market. Bulls and bears engaged in a tug-of-war around the 265,000 yuan/mt level...