During the night session, SHFE tin fluctuated downward. Overall trading in the spot market was sluggish [SMM Tin Morning Brief]. Futures market: After fluctuating downward, the most-traded SHFE tin contract (SN2507) maintained a low-level sideways trend and finally closed near 261,700 yuan/mt, dropping slightly by 0.57% compared to the previous trading day.

[SMM Tin Midday Review: Low Inventory Supports Prices vs. Inventory Buildup Expectations Curb Upside Room, SHFE Tin Expected to Maintain Sideways Movement] Today, the most-traded SHFE tin contract (SN2507) opened at 262,020 yuan/mt, slightly higher than the previous day's settlement price. It reached a high of 263,750 yuan/mt and a low of 261,900 yuan/mt during the session, eventually closing at 263,100 yuan/mt, up slightly by 0.03%. Open interest decreased by 740 lots to 16,800 lots, indicating cautious market trading and a strong wait-and-see sentiment among both long and short positions.

Overnight, LME copper opened at $9,643.5/mt, dipping to a low of $9,615.0/mt and peaking at $9,697.0/mt, before closing at $9,694.5/mt, up 0.35%.

Spot market transactions are mainly driven by rigid demand, with most traders' daily average shipments only 10-30 mt [SMM Tin Morning Brief]. Macro: (1) Sichuan: From January to May this year, key projects completed an investment of 403.69 billion yuan, and the industrial added value above designated size increased by 8% YoY (bullish ★). (2) The National Federation of Industry and Commerce Automobile Dealers Chamber of Commerce issued an initiative calling on automobile producers to optimize rebate policies and shorten the rebate settlement period. First, establish clear and transparent rebate policies. Simplify rebate settings, clarify rebate standards, and eliminate ambiguous rebates. Second, shorten the rebate settlement period. Given the significance of rebates to dealers, it is urged that all brands adjust the rebate settlement period to no more than 30 days. Third, eliminate excessive restrictions on rebate settlement and usage. (bullish ★). (3) Shanghai Institute of Microsystem and Information Technology, Chinese Academy of Sciences: Breakthroughs have been made in the research of bidirectional high thermal conductivity graphite films, providing technical support for thermal management of 5G chips and power semiconductors. (bullish ★)

[SMM Commentary on SHFE Tin: The most-traded SHFE tin contract exhibited a fluctuating rangebound trend, with spot market transactions dominated by rigid demand] Today, the most-traded SHFE tin contract exhibited a fluctuating rangebound trend, opening at 262,320 yuan/mt, hitting a high of 264,470 yuan/mt during the session, dipping to a low of 261,070 yuan/mt, and finally closing at 261,880 yuan/mt, up 970 yuan/mt or 0.37% from the previous day. Trading volume was 84,301 lots, and open interest decreased by 985 lots to 17,549 lots. Market sentiment was cautious, with a strong wait-and-see atmosphere at the beginning of the week.

[SMM Tin Midday Review: Resonance Between Macro Risk Aversion and Supply-Demand Stalemate, SHFE Tin in the Doldrums Testing Support at 260,000 yuan/mt] This morning, the most-traded SHFE tin contract (SN2507) continued its weak and volatile trend, opening at 262,320 yuan/mt and temporarily closing around 261,490 yuan/mt at midday, with an intraday increase of 0.22%. Short-term support below is focused on 260,000 yuan/mt. Market sentiment remains cautious, with a significant net outflow of funds. The decline in open interest reflects that both bulls and bears are tending towards a wait-and-see approach.

On Friday evening, LME copper opened at $9,628.5/mt, surging to a high of $9,700/mt in the early session, then fluctuating downward, hitting a low of $9,621.5/mt during the session, and experiencing a slight correction towards the end, ultimately closing at $9,660.5/mt, up 0.43%.

Electronic terminals in South China enter the off-season, with sluggish transactions in the spot market [SMM Tin Morning News] Macro: (1) China Passenger Car Association (CPCA): Retail sales of narrowly defined passenger vehicles in June are expected to reach 2 million units, with new energy vehicles expected to reach 1.1 million units (bullish ★). (2) Tesla signs contract for its first grid-side ESS power station project in mainland China (bullish ★). (3) Beijing: Supports game companies in enhancing R&D efficiency through methods such as computing power construction, large model deployment, and data governance, offering rewards of up to 30 million yuan (bullish ★). (4) National Development and Reform Commission (NDRC): As of now, the sales driven by the trade-in policy for consumer goods this year have already surpassed the total for the whole of last year (bullish ★).

[SMM Morning Meeting Summary: US Fed Maintains Interest Rates Unchanged for the Fourth Consecutive Time at June FOMC Meeting; Most-Traded SHFE Tin Contract Expected to Fluctuate Between 260,000-275,000 yuan/mt] Last week, in terms of international macroeconomic developments, the US Fed maintained interest rates unchanged for the fourth consecutive time at the June Federal Open Market Committee (FOMC) meeting. However, the dot plot indicated a weakened expectation for two interest rate cuts this year. Additionally, the US government's semiconductor sanctions against China have sparked concerns, while Trump indicated that car tariffs may be raised in the near future, increasing uncertainty in international trade. Domestically, the tin ore market overall showed a trend of tightening supply and weakening demand. In terms of supply, tin ore supply in major producing areas such as Yunnan was tight, with some smelters considering production halts for maintenance or minor production cuts, providing some support to 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. Consumer electronics entered the off-season, with mobile phone and PC orders mainly characterized by "small batches and multiple orders." Demand for tinplate and chemicals remained stable, but high prices suppressed downstream purchase willingness, resulting in sluggish transactions in the spot market. Overall, it is expected that tin prices will remain volatile next week. Investors should closely monitor policy changes and supply and demand conditions both domestically and overseas, and operate cautiously...