[SHFE TIN NOON REVIEW: SHFE TIN PRICES FLUCTUATE DOWNWARD UNDER MACRO PRESSURE AND STALEMATED SUPPLY AND DEMAND] As of this morning's close, the most-traded SHFE tin 2509 contract closed at 265,710 yuan/mt, down 19,400 yuan from the previous day's settlement price, a decrease of 0.72%. The futures showed a fluctuating downward trend, with the intraday fluctuation range narrowing to 266,000-267,000 yuan/mt. Market trading was sluggish, and open interest slightly decreased, reflecting investors' cautious sentiment ahead of key macro events. Meanwhile, LME tin prices were also under pressure, closing at $33,440/mt overnight, down $35 (a decrease of 0.1%), with the key support level shifting down to the $33,000 mark.

Futures: LME copper opened at $9,677.5/mt overnight, initially touched a low of $9,673/mt, then the price center gradually moved upward and approached $9,746.5/mt near the end of the session, finally closing at $9,734.5/mt, up 0.14%, with trading volume reaching 10,000 lots and open interest at 264,000 lots.

The Trump administration is considering taking stakes in companies that receive funding under the CHIPS Act SHFE tin prices maintain a fluctuating trend [SMM Tin Morning Brief] Macro: (1) A US government official stated that the Trump administration is considering taking stakes in companies receiving funds from the CHIPS Act, but major semiconductor companies increasing their investments in the US are not on the list. US Commerce Secretary Rutenik previously confirmed that the government was in talks to acquire a 10% stake in Intel and said the government might also consider taking stakes in other companies. This statement has raised concerns among industry executives who worry that the government may also take stakes in large chip manufacturers such as TSMC, Micron, and Samsung. Sources say that TSMC (TSM.N) executives have preliminarily discussed the possibility of returning subsidies if the US government demands to become a shareholder. This indicates that the US government's actions may face opposition from businesses.

[SHFE Tin Midday Review: Tin Market Fluctuates at Highs Amid Tug-of-War Between Longs and Shorts Over Tight Supply and Weak Demand] On the morning of August 21, 2025, the most-traded SHFE tin 2509 contract exhibited a fluctuating trend, closing at 267,150 yuan/mt during the midday break, down 0.48% from the previous day's settlement price. The trading range was between 266,510-269,040 yuan/mt, with sluggish transactions but the price center remaining high, indicating a stalemate between bulls and bears. Meanwhile, LME tin closed at $33,740/mt overnight, with some bulls showing an increased willingness to take profits.

Futures: LME copper opened at $9,679.5/mt overnight, fluctuated rangebound at $9,670.5/mt in early trading, then the center of copper prices gradually moved upward to a high of $9,712/mt, and finally closed at $9,721/mt, up 0.38%, with trading volume reaching 14,000 lots and open interest reaching 263,000 lots.

South Korea to Announce Private Sector Investment Plan Worth About $150 Billion in the US SHFE Tin Prices Maintain Fluctuating Trend [SMM Tin Morning Brief] Macro: (1) At the upcoming summit between Jae-myung Lee and Donald Trump, South Korea will announce a private sector investment plan worth about $150 billion in the US. This is separate from the $350 billion investment fund agreed upon during last month's tariff negotiations. These investments include projects that Korean companies have already started or are planning to undertake in the US, such as Samsung Electronics' chip factory and Hyundai Motor's $21 billion investment commitment. Hanwha Group has formulated specific investment plans related to cooperation with US shipbuilding. (2) Data from the China Academy of Information and Communications Technology shows that in June 2025, domestic market mobile phone shipments were 22.598 million units, down 9.3% YoY, with 5G phones accounting for 18.436 million units, down 16.7% YoY, representing 81.6% of total phone shipments. From January-June 2025, domestic market mobile phone shipments were 141 million units, down 3.9% YoY, with 5G phones accounting for 121 million units, down 3.0% YoY, representing 85.5% of total phone shipments. (3) Under Trump's call, an investigation into US Fed Governor Cook over mortgage transactions was urged, suggesting potential criminal law violations. Trump then called for Cook to resign. Cook responded that she would not resign due to bullying.

Recently, refined tin producer Malaysia Smelting Corporation (MSC) released its Q2 2025 financial report. Despite the temporary shutdown of its Pulau Indah smelter due to a natural gas pipeline explosion in April and weak performance in the refined tin business, revenue from tin-bearing slag and by-products surged, ultimately driving total revenue up 2.5% QoQ to 379 million ringgit (approximately 631 million yuan).

[SHFE Tin Midday Review: SHFE Tin Prices Jump Initially and Then Pull Back Resilient Performance Amid Mine Bottlenecks and Macro Pressures] During the midday session on August 20, 2025, the most-traded SHFE tin contract (SN2509) closed at 266,820 yuan/mt, up 0.12% from the previous day, showing a pattern of jumping initially and then pulling back. The price fluctuation range during the session widened to 266,300-269,620 yuan/mt, with signs of continued capital reduction and position liquidation. Meanwhile, LME tin prices were slightly weaker, with the LME tin contract reporting $33,720/mt at noon, down 0.15%, having touched an intraday high of $33,775/mt. This was mainly due to supply disruptions in Southeast Asian tin mines and support from low inventories, with LME tin inventory remaining at an absolute low of 1,830 mt, highlighting the tightness in spot markets.

Futures: LME copper opened and hit a high of $9,747/mt overnight, then the price center gradually moved downward, approaching a low of $9,680/mt near the end of the session, and finally closed at $9,684.5/mt, down 0.69%.

The spot market remains mediocre, with SHFE tin prices maintaining a fluctuating trend [SMM Tin Morning Brief] Macro: (1) According to foreign media citing two sources, US Commerce Secretary Rutenik is studying the federal government's stake in chip manufacturers building factories in the US under the funding of the Chip Act. This move extends the previous plan where the US intended to exchange cash subsidies for a portion of Intel's equity. A White House official and an informed source said that Rutenik is exploring how the US can acquire stakes in companies like Micron Technology (MU.O), TSMC (TSM.N), and Samsung while providing them with funds from the Chip Act. Most of the funds have yet to be disbursed. (2) On August 19, Apple's iPhone 17 entered the mass production phase, with Foxconn, as the main toll processing producer for Apple's iPhones, currently conducting peak season recruitment at its Zhengzhou plant.