[SHFE Tin Brief: Tin Prices Continue to Consolidate in a Range, Low Inventory Supports While Weak Demand Constrains] SHFE tin is expected to maintain sideways movement between 250000-275000 yuan/mt. Low inventory and supply disruptions provide bottom support, but weak demand and macro uncertainties limit upside room. Attention should be paid to the progress of production resumptions in Myanmar, DRC's geopolitical risks, and the pace of recovery in the semiconductor industry.

[SHFE TIN NOON COMMENTARY: HIGH SPOT PREMIUMS FOR TIN INGOTS CONSTRAIN VOLUMES AS BUYERS LIMIT PURCHASES TO SMALL LOTS] On August 26, 2025, the most-traded SHFE tin 2509 contract closed at 269,400 yuan/mt, up 0.34% from the previous day, with the intraday trading range narrowing to 268,330-270,350 yuan/mt. Trading was sluggish, and open interest saw a slight decrease, reflecting a strong wait-and-see sentiment in the market. LME tin opened at $33,800/mt (down 0.13% from the previous day), fluctuating around $33,900/mt during the Asian session, facing significant resistance at $34,000/mt.

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.

[SHFE TIN NOON COMMENTARY: MACRO DOVE SENTIMENT BOOSTS TIN PRICES REBOUND, TIGHT SUPPLY AND WEAK DEMAND LIMIT UPSIDE ROOM] During today's noon session, the most-traded SHFE tin 2509 contract showed a low-to-high trend. It opened at 266,000 yuan/mt and climbed to 271,090 yuan/mt during the session, mainly due to the recovery of macro sentiment and support from the LME. The contract closed at 269,340 yuan/mt at noon, up 3,010 yuan/mt or 1.13% from the previous trading day's settlement price. Trading volume and open interest both increased, indicating a significant rise in market trading sentiment. LME tin prices also strengthened, closing at $33,845/mt overnight, with a daily gain of 1.11% and a weekly increase of 0.45%, showing enhanced short-term bullish expectations for tin prices.

Futures: Last Friday night, LME copper opened at $9,739/mt, dipped to a low of $9,708/mt in early trading, then fluctuated upward throughout the session, reaching a high of $9,813.5/mt near the close.

Intel Agrees to Sell 10% of Its Shares to the US Government SHFE tin prices maintain a fluctuating trend [SMM Tin Morning Brief] Macro: (1) On August 23, MIIT Deputy Minister Xiong Jijun emphasized at the 2025 China Computing Power Conference that the MIIT will orderly guide the construction of computing power facilities and effectively improve the quality of computing power resource supply. It will promote the improvement of the policy system for computing power layout, optimize the layout of computing power infrastructure, guide localities to reasonably arrange intelligent computing power facilities, and continuously carry out the construction of national green data centers. The status of enterprises as innovation subjects will be strengthened, and the deep integration of scientific and technological innovation with industrial innovation will be promoted. Efforts will be accelerated to break through key core technologies such as GPU chips and expand the supply of basic common technologies. (2) Intel Agrees to Sell 10% of Its Shares to the US Government - US chipmaker Intel Corporation announced on the 22nd that it has reached an agreement with the US federal government, under which the latter will invest $8.9 billion in Intel's common stock, acquiring 9.9% of the company's shares at a price of $20.47 per share.

[smm morning meeting summary: us fed officials indicate a large interest rate cut next month does not seem appropriate tin prices are expected to maintain a fluctuating trend] last week, the domestic and overseas tin market as a whole showed a fluctuating trend, mainly influenced by macro factors and the fundamentals of supply and demand. on the macro front, the us government is in talks with intel to take a stake in the company, which could boost its domestic manufacturing and potentially impact the global chip supply chain. additionally, us fed officials indicated that a significant interest rate cut next month does not appear suitable, leading to a cooling of market expectations for a rate cut. the domestic tin ore market overall exhibited a weak supply and demand pattern. on the supply side, tin ore supplies from major production areas such as yunnan have tightened, with some smelters planning to halt operations or cut production for maintenance in august, providing some support to the supply end. on the demand side, following the conclusion of the pv installation rush, orders for tin bars used in pv in east china have declined, while electronic end-users in south china have entered the off-season. coupled with high tin prices, there is a strong wait-and-see sentiment among end-users.

[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.