[SMM Tin Midday Review: The tin market exhibits a pattern of "strong supply support but weak demand reality," with both SHFE tin and LME tin lacking the momentum for a unilateral breakthrough.] At midday today, the most-traded SHFE tin contract (SN2507) maintained a doldrums pattern, opening at 263,340 yuan/mt, slightly pulling back from the settlement price of the previous trading day. The intraday fluctuation range narrowed to 262,000-264,000 yuan/mt. Trading in the spot market was sluggish, with downstream procurement mainly driven by immediate needs and a strong wait-and-see sentiment. Regarding LME tin, overnight LME tin closed at $32,500/mt, up 0.78%, with technical pressure near the MA60 daily average, intensifying the tug-of-war between longs and shorts in the short term.

High prices curb downstream purchase willingness. SHFE tin prices fluctuate rangebound at 263,000 yuan/mt. [SMM Tin Morning News] Macro: (1) The National Association of Financial Market Institutional Investors held a symposium on supporting the high-quality development of automakers in China's interbank market. (Bullish ★) (2) Guangzhou Huangpu: Encourage the development of high-end semiconductor and sensor materials to build the core bearing area of the third pole of China's integrated circuit industry. (Bullish ★) (3) The "first move" of Michelle Bowman, the newly appointed Vice Chair for Supervision of the US Fed: A meeting will be convened to discuss relaxing bank leverage ratio requirements.

[SMM Commentary on Tin Futures: Supply Faces Off Against Off-Season Demand, SHFE and LME Tin Prices Under Narrow Pressure] Today, the most-traded SHFE tin contract continued its pattern of being in the doldrums, opening at 264,400 yuan/mt, hitting a high of 265,560 yuan/mt, touching a low of 263,020 yuan/mt, and finally closing at 263,730 yuan/mt, down 0.3% from the previous trading day, with a turnover of 17.375 billion yuan. Market trading activity declined slightly, with the price fluctuation range narrowing to 263,000-265,000 yuan/mt, and the tug-of-war between longs and shorts intensified.

[SMM Tin Midday Review: Tug-of-War in the Tin Market: Battle Between Tight Supply and Off-Season Demand] This morning, the most-traded SHFE tin contract (SN2507) continued its volatile pattern, opening at 264,400 yuan/mt, hitting a high of 265,560 yuan/mt during the session, and a low of 263,020 yuan/mt, before closing at 263,490 yuan/mt at midday, down slightly by 0.39%. The price fluctuation range narrowed, intensifying the tug-of-war between longs and shorts in the market, with trading activity slightly declining compared to the previous day. Demand for PV welding strips remained relatively resilient, but module production schedules declined MoM, contributing limited incremental demand for tin. Downstream enterprises had limited acceptance of high prices, maintaining just-in-time procurement only. Trading in the spot market was sluggish, with traders' daily trading volume reaching just over 10 mt.

Overnight, LME copper opened at $9,678.5/mt, touching a low of $9,664/mt shortly after the opening bell.

Strong Performance in Chinese Market Offsets Slowdown in North America Growth; SHFE Tin Prices Remain Volatile [SMM Tin Morning News] Macro: (1) Global NEV sales reached 1.6 million units in May, up 24% YoY. The strong performance in the Chinese market offset the impact of the slowdown in North America growth. (Bullish ★) (2) Xin Yongfei, Director of the Policy and Economics Research Institute at the China Academy of Information and Communications Technology under the Ministry of Industry and Information Technology (MIIT), stated on June 16 that in recent years, China has continuously strengthened the dominant position of enterprises in innovation, optimized and improved management mechanisms, and is currently formulating policies to cultivate and expand unicorn enterprises, while continuously increasing support for the high-quality development of specialized, sophisticated, unique, and innovative small and medium-sized enterprises. (Bullish ★) (3) Tariffs - ① Trump announced that the UK and the US have signed a trade agreement, and Lutnick will determine the exemption quotas for steel and aluminum tariffs. ② Reports indicate that the EU is prepared to conditionally accept a uniform 10% tariff from the US, with the EU describing the claim as speculative. ③ India and the US plan to sign an interim agreement before July 9. ④ The leaders of Japan and the US held a brief meeting during the G7 Summit, with the progress of trade negotiations remaining unclear. ⑤ Trump stated that the US-Canada agreement must include tariffs, while Canada expressed that tariffs on Canadian exports should be eliminated.

[SMM Tin Futures Brief Commentary: Consumer Electronics (Mobile Phones, PCs) Enter Off-Season, Weak Supply and Demand May Keep Tin Prices Fluctuating Rangebound] On June 16, 2025, the most-traded SHFE tin contract (SN2507) fluctuated rangebound, closing at 264,500 yuan/mt, up slightly by 0.10% from the previous trading day. The trading volume reached 16.337 billion yuan, and open interest decreased by 676 lots to 23,916 lots. Weak Traditional Consumption: Consumer electronics (mobile phones, PCs) entered the off-season, with orders weakening MoM. Tinplate demand from the food and beverage can sector was sluggish, dampening enterprises' willingness to restock...

[SMM Tin Midday Review: Rebound in US Dollar Index Weighs on Metal Prices; SHFE Tin Prices May Fluctuate Around 264,000 Yuan/mt in Afternoon] The most-traded SHFE tin contract (SN2507) opened at 264,430 yuan/mt this morning, slightly higher than the previous trading day's closing price of 263,690 yuan/mt, and then hovered at highs. By midday, prices fluctuated around 264,000 yuan/mt, with relatively cautious market trading and a slight reduction in open interest, reflecting intensified competition between bulls and bears at the current price level. Divergence in Global Economic Outlook: US May non-farm payrolls data exceeded expectations, weakening expectations for US Fed interest rate cuts. The rebound in the US dollar index weighed on metal prices. Meanwhile, the World Bank lowered its 2025 global economic growth forecast to 3.5%, putting pressure on the outlook for industrial metal demand.

Trump indicated that car tariffs may be raised in the near future. SHFE tin prices may continue to fluctuate. [SMM Tin Morning News] Macro: (1) The first event of the 2025 New Energy Vehicle (NEV) Rural Promotion Campaign, organized by five departments including the Ministry of Industry and Information Technology and the National Development and Reform Commission (NDRC), was launched today in Rugao, Jiangsu. A total of 124 NEV car models have been selected for this year's campaign, surpassing the 99 models in 2024 and breaking the 100-model mark for the first time. (Bullish ★) (2) According to a report on the website of Germany's *Handelsblatt* on June 13, Mark Papermaster, Chief Technology Officer of chipmaker Advanced Micro Devices (AMD), criticized the US government's semiconductor sanctions against China. (Bullish ★) (3) AMD (AMD.O) CEO Lisa Su stated that the new-generation MI350-series chips outpace Nvidia in speed, and the market size for these chips is expected to exceed $500 billion in the next three years. (Bullish ★) (4) Tariffs - ① Trump will sign key parts of the US-UK trade agreement in the coming days. ② Canadian Prime Minister: Progress has been made in US-Canada trade negotiations. ③ Trump: Car tariffs may be raised in the near future. ④ The US Department of Commerce announced a new process for car tariff credits and also announced that it would impose additional tariffs on steel home appliances, including washing machines and refrigerators, starting from the 23rd.

[SMM Morning Meeting Summary: International Macro Environment Exerts Certain Pressure on Tin Prices; Most-Traded SHFE Tin Contract May Fluctuate Around 260,000-275,000 yuan/mt] Last week, the US's unadjusted year-on-year CPI for May was lower than market expectations, recording 2.4%. Meanwhile, "Fed Whisperer" Nick Timiraos stated that the decline in car and clothing prices led to the core CPI reading being lower than expected. These factors had a certain bearish impact on tin prices. Domestically, the supply and demand sides of the tin ore market both fluctuated. In terms of supply, tin ore supply in major producing areas such as Yunnan tightened, and some smelters considered halting production for maintenance or making minor production cuts in June, which would support tin prices. Demand side, as tin prices returned to the 260,000 yuan/mt threshold, orders from most downstream enterprises decreased, and purchase willingness weakened. Spot market transactions remained sluggish, with traders reporting mostly just-in-time procurement and a small number of low-price orders. Overall, the international macro environment exerted certain pressure on tin prices, while the tightening domestic supply side and weak demand side led to tin prices maintaining a fluctuating downward trend in the short term. It is expected that tin prices will continue to face pressure next week. Investors are advised to pay attention to domestic and overseas policy changes and market demand dynamics, and operate cautiously. ...