extrajuicyslotsfree| Concerns about tight Shanghai-tin mining terminals are still there, and downstream companies are still willing to make inquiries.

Night trading SN2407 contract rose 1extrajuicyslotsfree.32%。macro-levelextrajuicyslotsfree, the U.S. CPI increased by 3.3 percent year-on-year in Aprilextrajuicyslotsfree.4%extrajuicyslotsfree, in line with market expectations, the previous value was 3.5%; the core CPI fell to 3.6% year-on-year in April, the lowest since April 2021; the overall inflation level combined with the weakening of non-agricultural data may suggest that the US economy is gradually slowing down, and the market may continue to revise interest rate expectations during the year, negative for the US dollar index and support the non-ferrous sector; domestically, property market policies in many places such as Hangzhou have increased, and the macro atmosphere is better. Fundamentally, concerns remain about tight supply and mining ends; last week, the weekly operating rates of refined tin smelters in Yunnan and Jiangxi were flat month-on-month, and environmental inspections in Yunnan are still disturbed in the short term. Indonesia's tin ingot exports are unstable, coupled with the continuous closure of the domestic import profit window, imported tin ingots have temporarily failed to replenish the domestic market. The stock of domestic imported tin ingots is relatively small; on the demand side, the peak consumption season is over, and demand remains to be seen. In terms of inventory, overseas inventories have shifted from continuous destocking to a small accumulation. In terms of spot goods, according to SMM: Shanghai-tin prices rose slightly last week, and trading companies responded well to the willingness of downstream companies to make inquiries. Operational recommendations are that the SN2407 contract is mainly traded in the short term, and pay attention to the operating rhythm and risk control.

Researcher: Cai Yuehui

Futures qualification number: F0251444

Futures investment consulting certificate number: 20013101

Assistant Researcher: Li Qiurong

Futures qualification number: F03101823

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