[SMM Tin Midday Review: Weak Supply and Demand Persist, Most-Traded SHFE Tin Contract Continues to Fluctuate Rangebound] This morning, the most-traded SHFE tin contract (SN2506) continued to fluctuate rangebound. It opened at 264,780 yuan/mt, unchanged from yesterday's closing price. The intraday fluctuation range narrowed, with a high of 265,400 yuan/mt and a low of 263,800 yuan/mt. It closed at 264,230 yuan/mt at midday, down slightly by 0.62%. Market trading remained sluggish, with open interest further shrinking to 22,000 lots. Both long and short sides continued to be locked in a stalemate near 264,000 yuan/mt.

Overnight, LME copper opened at $9,463.5/mt, dipping to a low of $9,433.5/mt shortly after the opening bell. It then fluctuated upward, reaching a high of $9,519.5/mt near the close, ultimately closing at $9,519.5/mt, up 0.34%.

SHFE tin prices remained rangebound at low levels during the night session, with spot market transactions remaining sluggish and falling short of expectations. [SMM Tin Morning Brief] Macro: (1) China Passenger Car Association: It is forecasted that retail sales of narrowly-defined passenger vehicles in May will reach 1.85 million units, with 980,000 units being new energy vehicles (bullish ★). (2) Xiaomi Motors: Cumulative deliveries are expected to reach 258,000 units by 2025, with over 28,000 units delivered in April (bullish ★). (3) Producers such as TSMC have made recommendations to the US Department of Commerce, proposing exemptions for semiconductor-related tariffs (bullish ★). (4) Tariffs - ① Japan's Minister for Economic Revitalization: Will visit the US from Friday to Sunday this week for tariff negotiations. ② White House advisor Milan: Currently, there is no work being conducted on secret negotiations regarding currency issues (neutral).

[SMM Tin Futures Brief Commentary: Short-term Raw Material Shortfall Still Constrains Domestic Smelting Capacity, Most-traded SHFE Tin Contract Continues to Stay in the Doldrums]​​Ore Supply Tightness Persists​​: Domestic tin ore imports from January to April plummeted by 47.98% YoY. The progress of production resumptions in Myanmar's Wa region has been slow, with the approval of new licenses and the reconstruction of infrastructure yet to be completed. Incremental supply is expected to be released only in H2. Although the Bisie mine in the DRC has resumed production in phases, the tin concentrates from the first batch of exports in May will only enter the smelting process in June-July. The short-term raw material shortfall still constrains domestic smelting capacity.......

[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)