SMM

Due to the uncertainty of tariffs and the fourth consecutive monthly decline in US consumer confidence in March, the US dollar index weakened, and copper prices surged significantly during the night session, driving a collective rise in non-ferrous metals. SHFE tin once rose nearly 3% before pulling back slightly. At the opening of today's session, it continued to fluctuate at high levels, with the most-traded contract gaining around 2%. The resumption of tin mining in Myanmar is progressing in an orderly manner, but it is expected to take at least two months to fully restore normal mining operations. The short-term supply gap of tin ore is difficult to fill, and China's tin ore imports remained low in the first two months, keeping domestic tin ore supply tight. The operating rate of smelters is unlikely to rebound to pre-holiday levels.