[SMM Tin Futures Brief Commentary: Consumer Electronics (Mobile Phones, PCs) Enter Off-Season, Weak Supply and Demand May Keep Tin Prices Fluctuating Rangebound] On June 16, 2025, the most-traded SHFE tin contract (SN2507) fluctuated rangebound, closing at 264,500 yuan/mt, up slightly by 0.10% from the previous trading day. The trading volume reached 16.337 billion yuan, and open interest decreased by 676 lots to 23,916 lots. Weak Traditional Consumption: Consumer electronics (mobile phones, PCs) entered the off-season, with orders weakening MoM. Tinplate demand from the food and beverage can sector was sluggish, dampening enterprises' willingness to restock...

[SMM Tin Midday Review: Rebound in US Dollar Index Weighs on Metal Prices; SHFE Tin Prices May Fluctuate Around 264,000 Yuan/mt in Afternoon] The most-traded SHFE tin contract (SN2507) opened at 264,430 yuan/mt this morning, slightly higher than the previous trading day's closing price of 263,690 yuan/mt, and then hovered at highs. By midday, prices fluctuated around 264,000 yuan/mt, with relatively cautious market trading and a slight reduction in open interest, reflecting intensified competition between bulls and bears at the current price level. Divergence in Global Economic Outlook: US May non-farm payrolls data exceeded expectations, weakening expectations for US Fed interest rate cuts. The rebound in the US dollar index weighed on metal prices. Meanwhile, the World Bank lowered its 2025 global economic growth forecast to 3.5%, putting pressure on the outlook for industrial metal demand.

This week, the ferrous metals series first rose and then fell, with an overall downward trend. At the beginning of the week, the China-US talks sent optimistic signals, improving market sentiment and driving up the futures market. However, mid-week, the fundamental factors of steel turned weak, coupled with fading sentiment, causing the futures market to decline. As the weekend approached, the US announced that it would impose a tariff hike on steel home appliances starting from the 23rd, leading to a significant drop in the futures market, except for coking coal and coke. In the spot market, the futures market rose in the first half of the week, leading to a phased improvement in market transactions. However, most transactions were driven by rigid demand for low-priced purchases, and seasonal characteristics began to emerge...