GF Futures: Market risk appetite is recovering overall, and bonded inventory has been destocked for three consecutive weeks, pushing up tin prices.

In terms of fundamentals, the overall picture remains relatively strong, and supply-side disruptions are difficult to resolve in the short term. Although tin ore imports increased month-on-month in May, they still cannot return to previous highs, and supply remains tight. At the same time, when tin prices fall, downstream purchasing sentiment revives, and social inventories have been decreasing for three consecutive weeks. In summary, the market is showing a recovery in risk appetite, with the US tech and semiconductor sectors rising again. Coupled with three consecutive weeks of inventory draws, tin prices continue to rebound. Hold long positions. In the future, pay attention to the release of nonfarm payroll data, policy developments in major supplying countries, and the trend of tech stocks. Under a tight supply-demand balance, tin prices have medium- to long-term allocation value. (GF Futures)
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