Stellar Resources has signed an extension agreement for the Memorandum of Understanding (MOU) with Australian Hualong, extending the exclusive period for infrastructure access rights at the Comstock mine site adjacent to the Heemskirk tin mine project by six months.

[SMM Tin Midday Review: Supply and demand remain at a stalemate, with the most-traded SHFE tin contract (SN2508) closing slightly higher by 0.30% in the midday session, awaiting macro guidance] The most-traded SHFE tin contract (SN2508) closed at 264,520 yuan/mt in the midday session, up slightly by 0.3%. The intraday fluctuation range was 262,680-264,700 yuan/mt, with the amplitude narrowing to 0.95%, indicating sluggish market trading. Trading volume stood at 46,200 lots, while open interest was 23,500 lots (a decrease of 950 lots from the previous day), reflecting strong wait-and-see sentiment among investors.

Futures market: Overnight LME copper opened at $9,635.5/mt, initially fluctuated downward to hit a session low of $9,598/mt, then steadily climbed upward and reached a session high of $9,657.5/mt near the close, finally closing at $9,657.5/mt with a 0.15% gain.

SHFE tin prices edged up slightly, while the spot market remained sluggish. [SMM Tin Morning Brief] Macro: (1) Multiple domestic chip industry insiders stated that in H1 this year, several major domestic chip producers had "all their capacity fully booked," with companies like Kunlunxin and Cambricon experiencing overwhelming orders. Domestic GPU producers are seizing the opportunity during the past three-month vacuum period to aggressively target the H20 market. (2) Advanced Micro Devices (AMD) announced plans to resume exports of its MI308 chips to China after the US indicated it would approve such sales, following a similar decision regarding Nvidia's semiconductor products. An AMD spokesperson said on Tuesday that the US Department of Commerce informed AMD that the license application for MI308 products would enter the review stage, marking a reversal of Trump-era policies. In April, AMD estimated that export restrictions on MI308 chips would result in approximately $800 million in losses for the company. Previously, Nvidia also stated that the US government had agreed to approve exports of its H20 AI chips to China, a decision that could boost the company's annual revenue by billions of dollars. (Bullish★) (3) Tariffs—① US Treasury Secretary recently hinted that there is no need to worry about the deadline for suspending certain US-China tariffs, describing the bilateral negotiations as "progressing well." ② European Commission Vice President Maroš Šefčovič will hold talks with the US Trade Representative. ③ Trump: A trade agreement has been reached with Indonesia, imposing a 19% tariff on Indonesian goods exported to the US, while US exports to Indonesia will enjoy tariff-free and non-tariff barrier-free treatment. If goods are transshipped through Indonesia, tariffs will be compounded with those of the country of origin.

[SMM's Brief Review of SHFE Tin Futures: Weak Supply and Demand Push SHFE Tin Down Over 1%, Awaiting Breakthrough Signals Amid Macroeconomic Gloom] The closing price of the most-traded SHFE tin contract (SN2508): 263,240 yuan/mt, with a decline of 1.12%; intraday fluctuations: a high of 266,150 yuan/mt and a low of 261,510 yuan/mt, with a settlement price of 263,730 yuan/mt; trading volume and open interest: trading volume of 90,649 lots, open interest of 24,450 lots, a decrease of 754 lots from the previous day.

[SMM Tin Midday Review: SHFE tin weakens under pressure, awaiting macro guidance amid weak supply and demand] The most-traded SHFE tin contract (2508): opened at 265,810 yuan/mt today, closed at 263,240 yuan/mt at midday, down 1.12%. The intraday fluctuation range was 263,000–266,000 yuan/mt, with the price center slightly shifting downward, reflecting a rise in market risk-aversion sentiment. LME tin continuous contract: temporarily reported at $33,350/mt, down slightly by 0.63%; fluctuating downward in the Asian session. Inventory dynamics: Total LME tin inventory fell to 2,095 mt, with low inventory providing bottom support for prices.

Futures market: Overnight LME copper opened at $9,609/mt, dipped to $9,575/mt in early trading, then fluctuated upward and peaked at $9,649/mt near the close, finally settling at $9,643.5/mt with a 0.2% loss.

SHFE tin prices rebound after a slight decline, with the spot market remaining sluggish [SMM Tin Morning News] Macro: (1) According to data from the China Passenger Car Association, 48,000 pickup trucks were sold in the pickup truck market in June 2025, up 7.5% YoY from June 2024 and down 7.4% MoM from the previous month, reaching a high level in the past five years. From January to June 2025, 307,000 pickup trucks were sold in the pickup truck market, up 16.4% YoY from January to June 2024. (Bullish ★) (2) According to sources, Panasonic Holdings Corporation has decided to postpone the full operation of its newly built US EV battery factory, as Panasonic's major customer, Tesla, has reported sluggish sales, prompting Panasonic to re-examine its production plans. (Bullish ★) (3) According to statistics from the Ministry of Public Security, as of month-end June 2025, the nationwide automobile ownership reached 460 million units, with NEV ownership reaching 36.89 million units, and 5.622 million new NEVs registered in H1. As of month-end June, the nationwide NEV ownership reached 36.89 million units, accounting for 10.27% of the total automobile ownership. Among them, the ownership of pure EVs was 25.539 million units, accounting for 69.23% of the total NEV ownership. In H1, 5.622 million new NEVs were registered, up 27.86% YoY, hitting a record high. The number of newly registered NEVs accounted for 44.97% of the total newly registered automobiles.

[SMM SHFE Tin Brief Review: Fluctuating Pattern of SHFE Tin amid Supply Bottlenecks and Weak Demand] On July 14, 2025, the most-traded SHFE tin contract (SN2508) exhibited a trend of fluctuating rangebound and upward, closing at 266,720 yuan/mt, up 0.41% from the previous trading day. The intraday price fluctuation range remained between 265,000-268,000 yuan/mt, with a trading volume reaching 21.207 billion yuan. Over the past five trading days, it has accumulated a gain of 1.21%, continuing the recent trend of mild rebound. From the market trading situation, after the price rebounded to above 266,000 yuan/mt, downstream purchase willingness significantly weakened, with most adopting a strategy of "small batches, multiple orders" for just-in-time restocking. Smelters continued to hold prices and limit sales, but actual transactions were constrained. In terms of brand premiums, the market showed a differentiated pattern: small-brand tin was priced at parity to a premium of 400 yuan/mt against the August contract, while Yunnan-branded tin commanded a premium of 400-800 yuan/mt. The brand premium effect still existed but had narrowed compared to the previous period.

[SMM Tin Midday Review: Myanmar's Wa State Production Resumption Meeting Advances, Pressuring Tin Prices; SHFE Tin Prices Jump Initially and Then Pull Back] As of the midday session on July 14, the most-traded SHFE tin 2508 contract opened at a low price of 263,940 yuan/mt (1,690 yuan lower than the previous day's settlement price). During the session, it fluctuated upward, reaching a high of 269,000 yuan/mt before pulling back slightly and closing near 266,620 yuan/mt in the midday session, with a gain of approximately 0.37%. Market trading was active, with open interest increasing significantly by 2,133 lots.