Group 1 - The U.S. government shutdown has reached a historical record, exacerbating concerns about short-term liquidity in the financial system, which has significantly suppressed market risk appetite [1] - Domestic refined tin production in October has shown a notable month-on-month recovery, primarily driven by the resumption of production from smelting companies after routine maintenance [1] - Despite the recovery in production, the overall supply remains tight due to ongoing constraints in upstream tin ore supply, particularly in Yunnan, where processing fees for 40% grade tin concentrate remain low [1] Group 2 - The downstream demand is weak, with major consumption areas in East and South China experiencing a general decline in new orders from downstream enterprises compared to the same period last year, indicating sluggish end-user consumption [1] - Newhu Futures commented that while terminal market demand is weakening, supply-side pressure is not significant, leading to a mixed fundamental outlook for tin prices [2] - The current market conditions suggest limited upward or downward momentum for tin prices, with potential for price correction under cooling macroeconomic sentiment [2]