[SMM Tin Midday Review: SHFE Tin Pressured Amid Supply Chain Disruptions, Unable to Offset Off-Season Demand Suppression] The most-traded SHFE tin contract (SN2508): The most-traded SHFE tin contract (2508) closed at 261,740 yuan/mt in the midday session, down 0.66%. The intraday trading range was 260,640–262,800 yuan/mt, with sluggish trading and a decrease in open interest. LME tin (3-month): Currently quoted at $32,875/mt, down 0.35% on the day; it continued to decline to $32,799/mt (down 1.48%) in the Asian session today, hitting a new low since July.

Futures market: Overnight, LME copper opened at $9,610/mt, fluctuating rangebound in early trading before hitting a low of $9,588/mt.

SHFE tin prices open lower and stabilize in the night session, with the spot market remaining sluggish [SMM Tin Morning Brief]. Macro: (1) The State Council Executive Meeting: Effectively regulate the competitive order of the NEV industry, and urge key automakers to fulfill their payment term commitments. Strengthen the domestic great circulation, thoroughly implement special actions to boost consumption, and optimize the trade-in policy for consumer goods. (Bullish ★) (2) The German Federal Motor Transport Authority (KBA) stated on Wednesday that EV sales in Germany reached a record high in the first half of this year, accounting for nearly one-fifth of new vehicle registrations. After years of slow growth, demand for EVs is now gradually heating up. (Bullish ★) (3) Tariffs - ① Canada will tighten steel quotas for some foreign countries. ② Trump: Will send notifications of general tariff rates to over 150 small countries.

[SMM Commentary on SHFE Tin Futures: Off-season demand suppresses price elasticity; SHFE tin awaits substantive release of Myanmar ore] Closing price of the most-traded SHFE tin contract (SN2508): 263,960 yuan/mt, up slightly by 0.09%, with an intraday amplitude of 1.75% (261,510–266,150 yuan/mt). Daily line characteristics: Under pressure in the morning session, it rebounded slightly in the afternoon session supported by the low inventory of LME, but still remained under pressure at the key resistance level of 265,000 yuan/mt.

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.