VITAL NEW MATERIAL: Expected tin prices may maintain range-bound fluctuations

On October 20th, VITAL NEW MATERIAL stated during an institutional research that the current macro environment is mixed with bullish and bearish factors. Expectations for interest rate cuts by the Federal Reserve are rising, but the U.S.-China tariff game is fluctuating, leading to cautious market sentiment. From a fundamental perspective, domestic large smelters' tin ingot output is expected to recover in October; however, raw materials at the mining end remain tight, providing supply support. On the demand side, weakness persists, with no improvement in orders and cautious downstream restocking due to high tin prices, resulting in limited transactions. Overall, it is expected that tin prices may maintain a range-bound fluctuation