US April Core PCE Price Index Annual Rate Rose to 3.3%, Futures in the Doldrums on the Morning of the 28th [SMM Tin Midday Review]

Published: May 29, 2026 12:07

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[SMM Tin Midday Review: US April Core PCE Price Index Rose to 3.3% Year-over-Year, Futures in the Doldrums on the Morning of the 28th]

Tin Midday Commentary, May 29, 2026

This morning, the tin market exhibited weak fluctuations at elevated levels after strengthening in the overnight session, with pace in and outside China largely aligned. The most-traded SHFE tin contract opened at 424,730 yuan/mt in last night's session and opened at 430,870 yuan/mt this morning, before weakening to close the morning at 426,860 yuan/mt, up 1.47%. LME three-month tin was provisionally quoted at $55,000/mt, down 1.61%.

Macro news:

(1) The US April core PCE price index rose further to 3.3% YoY, the highest level since November 2023, in line with market expectations.

(2) The Beijing Satellite IoT Industry Development Conference will be held in Haidian District, Beijing on June 1. At the conference, Guodian Gaoke will release the construction status and future plans of the "Tianqi Constellation" and hold a centralized signing ceremony for the "Tianqi Constellation". In addition, the conference will officially announce the establishment of the Beijing Space Computing Industry Innovation Center and simultaneously invite all sectors to participate in the Global Space Computing Industry Innovation Conference to be held on June 29-30.

Spot market, overall trading weakened this morning, with the market mainly focused on rolling positions on the futures. Looking at yesterday's situation, when the futures fell rapidly yesterday morning, it briefly triggered some low-priced orders from downstream, with most traders concluding around half a truckload yesterday, and some reaching around one truckload. This morning, as the futures center moved up again, downstream enterprises mostly placed orders and adopted a wait-and-see approach.

Overall, ex-China supply expectations have provided some support to current prices, but the main momentum behind the futures' rise is still driven by macro sentiment. The most-traded SHFE tin contract is expected to maintain wild swings in the short term.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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