[SMM Tin Midday Review: US Fed Maintains Interest Rates Unchanged but Signals "Hawkish" Stance, SHFE Tin and LME Tin Remain High and Rangebound] As of midday, the 3-month LME tin contract was quoted at $32,465/mt, up 0.48% from yesterday. Technical analysis: LME tin has stabilized above the moving average group, with a short-term resistance level at $33,000/mt. If breached, it may open upside room, but caution is advised against a US dollar rebound and macro headwinds. The US Fed maintained interest rates unchanged but signaled a "hawkish" stance, with the US dollar index fluctuating rangebound, suppressing the upside room for commodities.

Overnight, LME copper opened at $9,668/mt, hitting a high of $9,694.5/mt at the beginning of the session before fluctuating downward throughout the session, touching a low of $9,648/mt near the close, and eventually closing at $9,650.5/mt, down 0.2%.

US Fed's June Interest Rate Meeting - Maintains Rates Unchanged for the Fourth Consecutive Time; SHFE Tin Prices Rebound Slightly After Hitting Bottom [SMM Tin Morning News] Macro: (1) The US Fed's June interest rate meeting maintained rates unchanged for the fourth consecutive time. The dot plot indicates two interest rate cuts this year, but the number of officials expecting no rate cuts this year has risen to seven, and the expected number of rate cuts next year has been reduced to one. Powell continues to emphasize uncertainty, stating that the current economic situation is suitable for a wait-and-see approach. He also anticipates tariff-driven inflation to rise in the coming months. (2) According to Yonhap News Agency, citing a plan reported by South Korea's Ministry of Science and ICT to the Presidential National Policy Planning Committee, the South Korean government will invest 16.1 trillion won in the AI sector over the next five years. It will ensure the secure supply of 50,000 GPUs and build AI data centers. Support will be provided for the development of AI models, making them accessible to all citizens. (Bullish ★) (3) The "Several Policy Measures to Support the High-Quality Development of the Integrated Circuit Industry in Guangzhou Development Zone and Huangpu District" has been issued, aiming to help build the core carrier area for the third pole of China's integrated circuit industry. It mentions optimizing the industrial development layout, achieving breakthroughs in areas such as chip design, specialty processes, advanced packaging and testing, EDA tools, equipment, and parts, creating an entire industry chain covering design, manufacturing, materials, equipment and parts, packaging and testing, and establishing a comprehensive integrated circuit industry cluster. (Bullish ★)

[SMM Commentary on SHFE Tin Futures: On the Eve of the US Fed's June Interest Rate Meeting, the Most-Traded SHFE Tin Contract Continues to Fluctuate] In the spot market, the resumption of tin ore production in Myanmar has been slow. Although some miners have applied to resume production, strict approval processes, coupled with transportation restrictions during the rainy season, have kept actual imports at a low level. Meanwhile, Thailand's policy of banning Myanmar from using its territory to transport tin ore has exacerbated the tight supply, with an estimated impact of 500-1,000 mt (metal content) on domestic monthly supply.

On June 4th, the 2025 Indonesia Mining Conference & Critical Metals Conference - 2025 Southeast Asia Tin Industry Conference, hosted by SMM Information & Technology Co., Ltd. (SMM), supported by the Indonesian Ministry of Foreign Affairs as a government supporter, and co-organized by the Association of Indonesia Nickel Miners (APNI), the Jakarta Futures Exchange, and China Coal Resource, successfully concluded in Jakarta, Indonesia!

[SMM Tin Midday Review: The tin market exhibits a pattern of "strong supply support but weak demand reality," with both SHFE tin and LME tin lacking the momentum for a unilateral breakthrough.] At midday today, the most-traded SHFE tin contract (SN2507) maintained a doldrums pattern, opening at 263,340 yuan/mt, slightly pulling back from the settlement price of the previous trading day. The intraday fluctuation range narrowed to 262,000-264,000 yuan/mt. Trading in the spot market was sluggish, with downstream procurement mainly driven by immediate needs and a strong wait-and-see sentiment. Regarding LME tin, overnight LME tin closed at $32,500/mt, up 0.78%, with technical pressure near the MA60 daily average, intensifying the tug-of-war between longs and shorts in the short term.

High prices curb downstream purchase willingness. SHFE tin prices fluctuate rangebound at 263,000 yuan/mt. [SMM Tin Morning News] Macro: (1) The National Association of Financial Market Institutional Investors held a symposium on supporting the high-quality development of automakers in China's interbank market. (Bullish ★) (2) Guangzhou Huangpu: Encourage the development of high-end semiconductor and sensor materials to build the core bearing area of the third pole of China's integrated circuit industry. (Bullish ★) (3) The "first move" of Michelle Bowman, the newly appointed Vice Chair for Supervision of the US Fed: A meeting will be convened to discuss relaxing bank leverage ratio requirements.

[SMM Commentary on Tin Futures: Supply Faces Off Against Off-Season Demand, SHFE and LME Tin Prices Under Narrow Pressure] Today, the most-traded SHFE tin contract continued its pattern of being in the doldrums, opening at 264,400 yuan/mt, hitting a high of 265,560 yuan/mt, touching a low of 263,020 yuan/mt, and finally closing at 263,730 yuan/mt, down 0.3% from the previous trading day, with a turnover of 17.375 billion yuan. Market trading activity declined slightly, with the price fluctuation range narrowing to 263,000-265,000 yuan/mt, and the tug-of-war between longs and shorts intensified.

[SMM Tin Midday Review: Tug-of-War in the Tin Market: Battle Between Tight Supply and Off-Season Demand] This morning, the most-traded SHFE tin contract (SN2507) continued its volatile pattern, opening at 264,400 yuan/mt, hitting a high of 265,560 yuan/mt during the session, and a low of 263,020 yuan/mt, before closing at 263,490 yuan/mt at midday, down slightly by 0.39%. The price fluctuation range narrowed, intensifying the tug-of-war between longs and shorts in the market, with trading activity slightly declining compared to the previous day. Demand for PV welding strips remained relatively resilient, but module production schedules declined MoM, contributing limited incremental demand for tin. Downstream enterprises had limited acceptance of high prices, maintaining just-in-time procurement only. Trading in the spot market was sluggish, with traders' daily trading volume reaching just over 10 mt.