The international macro environment has exerted certain pressure on tin prices, and the most-traded SHFE tin contract may fluctuate around 260,000-275,000 yuan/mt [SMM Tin Morning Meeting Summary]

[SMM Morning Meeting Summary: International Macro Environment Exerts Certain Pressure on Tin Prices; Most-Traded SHFE Tin Contract May Fluctuate Around 260,000-275,000 yuan/mt] Last week, the US's unadjusted year-on-year CPI for May was lower than market expectations, recording 2.4%. Meanwhile, "Fed Whisperer" Nick Timiraos stated that the decline in car and clothing prices led to the core CPI reading being lower than expected. These factors had a certain bearish impact on tin prices. Domestically, the supply and demand sides of the tin ore market both fluctuated. In terms of supply, tin ore supply in major producing areas such as Yunnan tightened, and some smelters considered halting production for maintenance or making minor production cuts in June, which would support tin prices. Demand side, as tin prices returned to the 260,000 yuan/mt threshold, orders from most downstream enterprises decreased, and purchase willingness weakened. Spot market transactions remained sluggish, with traders reporting mostly just-in-time procurement and a small number of low-price orders. Overall, the international macro environment exerted certain pressure on tin prices, while the tightening domestic supply side and weak demand side led to tin prices maintaining a fluctuating downward trend in the short term. It is expected that tin prices will continue to face pressure next week. Investors are advised to pay attention to domestic and overseas policy changes and market demand dynamics, and operate cautiously. ...