Futures market: LME copper opened at $9,626/mt overnight, initially climbed to a high of $9,665/mt, then fluctuated downward to hit a low of $9,580.5/mt during the session, and maintained rangebound fluctuations before finally closing at $9,607/mt, down 1.26%, with trading volume reaching 47,000 lots and open interest at 271,000 lots.

SHFE tin prices dropped back slightly during the night session, while trading in the spot market recovered somewhat. [SMM Tin Morning News] Macro: (1) US President Trump signed an executive order determining the "reciprocal tariff" rates for multiple countries and regions, with specific rates ranging from 10% to 41%. According to the order, Taiwan will be subject to a 20% "reciprocal tariff". The order also states that countries not listed will be subject to a unified 10% tariff rate. Additionally, if any country or region evades tariffs by transshipping through a third party, their goods will be subject to a 40% transshipment tax. (2) Tariffs: ① The White House: Trump will sign an executive order on July 31 to impose higher tariff rates on multiple countries that fail to reach a trade agreement by the August 1 deadline. ② US Treasury Secretary: The entire trade team is frustrated with India. ③ Malaysian Prime Minister: The tariff rates imposed by the US on Malaysian goods will be announced soon. ④ It is reported that India hopes to sign free trade agreements with several countries. ⑤ Trump stated that the tariff agreement between the US and Mexico will be extended by 90 days, meaning Mexico will continue to pay a 25% fentanyl tariff, a 25% automobile tariff, and 50% tariffs on steel, aluminum, and copper.

Futures market: Overnight, LME copper opened and touched a high of $9,751/mt, then fluctuated downward throughout the session, nearing a low of $9,676/mt before finally settling at $9,730/mt, down 0.74%.

SHFE tin prices pulled back slightly during the night session. Powell remains hawkish [SMM Tin Morning Brief]. Macro: (1) Samsung Electronics' semiconductor division reported profits far below expectations, reflecting the deepening crisis of the world's largest memory chip maker. Affected by US export controls on high-bandwidth memory chips and losses in its toll processing division, the key division's operating profit for the June quarter was 400 billion won (approximately $288 million), compared to analysts' average expectation of 2.73 trillion won. Additionally, the company's net profit announced on Thursday was 4.93 trillion won, lower than analysts' estimate of 6.37 trillion won. However, Samsung stated that due to gradually recovering demand, its wafer foundry division's operating losses are expected to narrow in the second half of the year. (2) Fed Chairman Powell said on Wednesday that the US Fed does not have room to consider government financing needs when formulating interest rate policies. Powell stated at a press conference after the FOMC meeting that the Fed has a mandate from Congress to control inflation while maintaining a strong job market as much as possible. He said that given this statutory responsibility, "we do not consider the fiscal needs of the federal government. No central bank in a developed economy would do so," and such an approach would also damage the Fed's credibility. The US government's interest expenditure last year was $1.1 trillion, and the cost of government debt management has more than doubled compared to before the COVID-19 pandemic, largely due to the Fed maintaining high interest rates to reduce inflation. Trump once claimed that a 3% interest rate cut would save the US $1 trillion annually.

Data released by the London Metal Exchange (LME) showed that LME tin inventory first decreased and then increased last week. On July 23, it fell to a new low of 1,690 mt in over two years, before rebounding somewhat. This week, inventory continued to accumulate, with the latest inventory level reaching 1,855 mt.

Futures market: Overnight, LME copper opened at $9,830.5/mt, initially touched a high of $9,856.5/mt, then fluctuated downward, nearing the session end to hit a low of $9,759/mt before a slight rebound to close at $9,796/mt, down 0.34%.

Futures market: On Friday night, LME copper opened at $9,818.5/mt, initially fluctuating at highs and touching $9,852.5/mt during the session, then fluctuating downward throughout, nearing the session end to touch a low of $9,766.5/mt before a slight rebound at the close to settle at $9,796/mt, down 0.59%, with trading volume at 12,000 lots and open interest at 270,000 lots.

[SMM Morning Meeting Summary: US and Japan Reach Auto Tariff Agreement, Tin Prices Expected to Maintain Fluctuating Trend] Last week, in terms of international macroeconomic developments, the US and Japan reached an auto tariff agreement, setting the tariff on imported Japanese cars at 15%. Additionally, US Treasury Secretary Bessent stated that August 1st is a "relatively firm deadline" for all countries. Domestically, the overall supply of tin ore in the market is tightening, with reduced supply from major producing areas such as Yunnan. Some smelters may maintain production shutdowns for maintenance or slightly cut production. On the demand side, after the installation rush in the PV industry ended, orders declined. The electronics industry entered the off-season, coupled with high tin prices, leading to strong wait-and-see sentiment among end-users, who only maintained orders for immediate needs. Demand in other sectors such as tinplate and chemicals remained stable, without any unexpected growth. The spot market saw sluggish transactions, with most traders only closing single-digit deals. Overall, the tight supply and weak demand have led to tin prices fluctuating upward, and it is expected that tin prices will continue to maintain a fluctuating trend this week. It is recommended that investors pay close attention to changes in international macroeconomic policies and domestic supply and demand conditions, and operate cautiously. ...

Futures market: LME copper opened at $9,940/mt (the session high) overnight, then fluctuated downward with the price center gradually declining to touch a low of $9,848/mt before closing at $9,854.5/mt after considerable fluctuations, down 0.8%.

Futures market: LME copper opened at $9,940/mt overnight, fluctuated downward to $9,914.5/mt in early trading, then fluctuated considerably to a high of $9,946.5/mt before consolidating sideways and finally closing at $9,933.5/mt, up 0.36%, with trading volume at 15,000 lots and open interest at 265,000 lots.