Overnight, LME copper opened and touched a high of $9,916.5/mt before fluctuating downward to close at the day's low of $9,875/mt, down 0.31%, with trading volume at 10,000 lots and open interest at 269,000 lots.

Overall wafer toll processing capacity utilization rate and shipments may strengthen in Q3. SHFE tin prices edged up [SMM Tin Morning Brief] Futures: The most-traded SHFE tin 2510 contract rose slightly to 275,000 yuan/mt during the night session, then maintained a fluctuating trend around 274,000 yuan/mt before closing at 274,300 yuan/mt, up 0.2% from the previous trading day.

Futures: LME copper opened at $9,899/mt on Friday night, initially touched a low of $9,881/mt, then entered sideways movement with prices gradually moving upward, nearing a high of $9,924.5/mt before closing at $9,906/mt, up 0.68%.

[SMM Morning Meeting Summary: US President Trump Threatens to Impose Hefty Tariffs on Countries Implementing Digital Taxes, Tin Prices May Maintain Fluctuating Trend] Last week on the macro front, US President Trump threatened to impose hefty tariffs on countries implementing digital taxes and imposed export restrictions on highly protected US technologies and chips. Additionally, regarding US Fed policy, Cook officially sued Trump over the dismissal controversy, with Powell also named as a defendant, while Trump's Fed governor nominee Milan is expected to be confirmed before the September Fed decision. These factors caused market sentiment fluctuations and unstable US dollar movements. Domestically, the tin ore market showed relatively tight supply and demand conditions.

On tin ore imports, China's cumulative imports from January to July totaled 69,119 mt in physical content, marking a 34.8% YoY decline from 106,000 mt in the same period last year. Shipments from Myanmar plummeted to just 14,157 mt, down 77.1% YoY. As a key tin ore supplier to China, Myanmar's sharp production drop significantly impacted China's supply structure. In contrast, African supply surged 44.4% YoY to 40,650 mt (28,160 mt last year), becoming a major incremental source for China's imports. In refined tin trade, China's July imports rose 21% MoM and 158% YoY to 2,167 mt, while exports fell 15% MoM and 4% YoY to 1,673 mt. Indonesia, the world's top refined tin exporter, shipped 3,790 mt in July 2025, up 11.5% YoY but down 13.9% MoM. Exports were handled by 18 smelters, with a clear tiered distribution: 4 smelters shipped 300-500 mt, 5 shipped 200-300 mt, and 9 shipped below 200 mt. By destination, exports to China dropped 51% MoM to 540.7 mt, while shipments to Singapore increased.

Futures: LME copper opened at $9,791.5/mt overnight, touched a low of $9,781/mt at the beginning of the session, then fluctuated upward to a high of $9,738.5/mt toward the end of the session, and finally closed at $9,839.5/mt, up 0.68%.

A US judge is set to hold a hearing on Friday regarding Cook's lawsuit against Trump. SHFE tin prices remain in a high-level sideways trend [SMM Tin Morning Brief] Macro: (1) Innovacera (02577.HK) announced in Hong Kong that the company's sales for AI and data centers were up 180% YoY in H1; its 100V gallium nitride-based 48v-12v applications have entered mass production; it is the only domestic company to be included in the list of chip suppliers for Nvidia's 800V high-voltage DC solution, with gallium nitride being adopted by Nvidia's new architecture, marking the entry of AI/data centers into an era of efficient energy use with gallium nitride. Automotive electronics products used in scenarios such as LiDAR and on-board chargers (OBC) continued to grow rapidly, with deliveries of automotive-grade chips up 128% YoY. (2) The Central Committee of the Communist Party of China and the State Council issued an opinion on promoting high-quality urban development. The opinion mentions expanding the coverage of fifth-generation mobile communication networks (5G) and gigabit optical networks, optimizing the layout of computing power infrastructure, advancing the construction of new-type urban infrastructure, optimizing the management system for water resource allocation and water supply security, improving the modern integrated transportation system, enhancing intercity and intra-city commuting efficiency, perfecting the layout of transfer facilities at transportation hubs, and strengthening the construction of convenient facilities such as parking spaces and charging piles.

Trump Threatens Hefty Tariffs on Countries Implementing Digital Taxes SHFE Tin Prices Maintain Fluctuating Trend [SMM Tin Morning Brief] Macro: (1) US President Trump posted on social media: "I warn all countries that implement digital taxes, legislation, rules, or regulations, unless these discriminatory measures are removed, I, as the President of the US, will impose significantly higher additional tariffs on their exports to the US and implement export restrictions on our highly protected technology and chips. Please respect the US and our outstanding tech companies, or else, bear the consequences!" (2) The Passenger Car Association released the 2025 June Automotive Intelligence and Connectivity Insight Report, indicating that from January to June, the overall AEB installation rate performed well, with a passenger car installation rate reaching 64.4%, and 160,000-240,000 passenger cars accounting for 75.4% of the total, still showing room for growth. The AEB installation rate in the passenger NEV market has already reached 67.1%. The continuous improvement in multi-dimensional technology integration, coupled with the ongoing optimization of hardware costs, is driving the constant enhancement of AEB capabilities.