SMM

Fed Chairman Jerome Powell stated at the press conference following the rate meeting that the US Fed is at or near the point of slowing interest rate cuts. Decisions on rate cuts next year will be data-dependent, and it seems unlikely to raise rates. During yesterday's night session, SHFE tin prices fluctuated rangebound. Downstream enterprises showed a decline in purchasing enthusiasm. After a slight pullback following a small price increase in tin yesterday, downstream enterprises are waiting for better purchasing opportunities. Some downstream enterprises, after receiving end-user orders, are more inclined to use inventory for production and plan to restock and build inventory when prices fall below 245,000 yuan/mt. Smelting enterprises maintain a sentiment to stand firm on quotes at current price levels, with daily quotes remaining relatively high. The overall spot market trading atmosphere was sluggish, with most trading enterprises recording daily trading volumes of 10-20 mt, while a few trading enterprises reported daily trading volumes of 1-2 truckloads.