The US Fed kept interest rates unchanged for the fourth consecutive time at its June policy meeting. The most-traded SHFE tin contract may fluctuate around 260,000-275,000 yuan/mt. [SMM Tin Morning Meeting Summary]

[SMM Morning Meeting Summary: US Fed Maintains Interest Rates Unchanged for the Fourth Consecutive Time at June FOMC Meeting; Most-Traded SHFE Tin Contract Expected to Fluctuate Between 260,000-275,000 yuan/mt] Last week, in terms of international macroeconomic developments, the US Fed maintained interest rates unchanged for the fourth consecutive time at the June Federal Open Market Committee (FOMC) meeting. However, the dot plot indicated a weakened expectation for two interest rate cuts this year. Additionally, the US government's semiconductor sanctions against China have sparked concerns, while Trump indicated that car tariffs may be raised in the near future, increasing uncertainty in international trade. Domestically, the tin ore market overall showed a trend of tightening supply and weakening demand. In terms of supply, tin ore supply in major producing areas such as Yunnan was tight, with some smelters considering production halts for maintenance or minor production cuts, providing some support to 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. Consumer electronics entered the off-season, with mobile phone and PC orders mainly characterized by "small batches and multiple orders." Demand for tinplate and chemicals remained stable, but high prices suppressed downstream purchase willingness, resulting in sluggish transactions in the spot market. Overall, it is expected that tin prices will remain volatile next week. Investors should closely monitor policy changes and supply and demand conditions both domestically and overseas, and operate cautiously...