[SMM Tin Midday Review: Daytime Session Sees Narrowed Price Fluctuation and Pullback, Spot Market Remains Sluggish in Overall Trading]​​ This morning, the most-traded SHFE tin contract (SN2506) fluctuated downward slightly, opening at 264,870 yuan/mt, up 0.31% from yesterday's closing price of 264,050 yuan/mt. The price fluctuation range narrowed in the morning session, with a high of 266,400 yuan/mt and a low of 264,300 yuan/mt. It closed at 264,600 yuan/mt at midday, up slightly by 0.06%. Market trading remained sluggish, with open interest slightly decreasing to 13,300 lots. Escalating Trade Frictions​​: The Trump administration threatened to impose a 50% tariff on the EU starting June 1, raising expectations of increased global trade costs and suppressing risk appetite. The VIX index climbed to a high level, with capital accelerating its flow into safe-haven assets such as gold and U.S. Treasuries.

[SMM Tin Midday Review: Traditional Consumption Sectors Under Pressure, Longs and Shorts Continue to Battle Around the 264,000 yuan/mt Threshold] This morning, the most-traded SHFE tin contract (SN2506) maintained a volatile pattern, opening at 264,600 yuan/mt, unchanged from yesterday's closing price. The intraday fluctuation range narrowed, with a high of 265,800 yuan/mt and a low of 263,600 yuan/mt. It closed at 263,860 yuan/mt at midday, down slightly by 0.31%. Market trading was sluggish, with longs and shorts continuing to battle around the 264,000 yuan/mt threshold. Pressure on Traditional Sectors: Demand for solder in electronics, home appliances, and other sectors was suppressed by high tin prices and Sino-US trade frictions. Downstream enterprises maintained just-in-time procurement, and spot transactions continued to follow the pattern of "high backwardation and low trading volume." Support from New Energy Sectors: Demand for PV welding strips and NEVs maintained high growth rates, but short-term increases were insufficient to offset the weakness in traditional consumption.

This week, the ferrous metals series fluctuated rangebound, with iron ore continuing to outperform other ferrous metals, while coke showed weaker performance. On the macro front, China's National Bureau of Statistics released macro data for the period from January to April, revealing that real estate data remained sluggish, with significant YoY declines in steel-related investments and new construction starts. Overseas, the US composite PMI and manufacturing PMI indices both rebounded. Driven by concerns over future supply deficits, manufacturing enterprises continued to stockpile goods in May. In the spot market, futures fluctuations were relatively narrow this week, and market sentiment remained lukewarm. Meanwhile, affected by high temperatures and rainy weather, demand in the construction materials market weakened...