SMM

[SMM Tin Midday Review: Market Volatility May Intensify Ahead of US Fed's March Meeting, SHFE Tin Prices Continue to Fluctuate Upward] On the morning of February 24, 2025, the SHFE tin 2503 contract showed a high-level fluctuating trend. The opening price was 266,000 yuan/mt, but subsequently, supported by expectations of tightening supply and boosted by macro sentiment, prices fluctuated at highs, reaching an intraday peak of 266,600 yuan/mt and finally closing at 265,200 yuan/mt at midday, up 480 yuan or 0.18% from the previous trading day. Trading volume was 54,200 lots, and open interest decreased by 1,834 lots to 21,300 lots. Today, the most-traded SHFE tin contract prices continued the recent pattern of fluctuating upward. The lower opening was mainly pressured by the overnight decline in US stocks and the high-level operation of the US dollar index. However, prices rebounded quickly, driven by a reduction in LME tin inventory (inventory on February 21 was 3,690 mt, down 110 mt from the previous day) and optimistic expectations ahead of the upcoming Two Sessions in China. Technically, the SHFE tin 2503 contract has broken through the key resistance level of 265,000 yuan/mt, forming a high-level fluctuation platform in the range of 263,000 to 267,000 yuan/mt in the short term. Bullish funds continue to enter the market based on the logic of tight supply, but profit-taking at high levels is also evident. Fluctuations in open interest indicate that market sentiment leans toward cautious speculation.