[SMM Tin Midday Review: The Most-Traded SHFE Tin Contract Leads the Gains Amid Supply-Demand Imbalance and Macro Disturbances] As of the midday session on July 18, the most-traded SHFE tin contract (SN2508) closed at 264,930 yuan/mt, surging by 3,190 yuan (a 1.55% increase) from the previous day. Trading volume exceeded 50,000 lots, reaching a two-week high, with significant capital inflows. The LME tin 3-month contract also strengthened, temporarily closing at $33,195/mt (a 0.38% increase), touching a high of $33,300 during the session, supported by a weaker US dollar and supply concerns.

Futures market: Overnight, LME copper opened at $9,606.5/mt, initially touched a low of $9,597/mt, then fluctuated upward rangebound, and finally closed at $9,678/mt, up 0.43%, with trading volume at 11,000 lots and open interest at 268,000 lots.

SHFE tin prices opened lower and closed higher in the night session, while the spot market remained sluggish [SMM Tin Morning News]. Macro: (1) The Ministry of Finance issued an announcement on adjusting the consumption tax policy for super-luxury cars. The announcement states that the scope of consumption tax collection for super-luxury cars will be adjusted to "passenger cars and medium- and light-duty commercial buses with a retail price of 900,000 yuan (excluding VAT) or above per unit, powered by various types of power (including pure electric, fuel cell, etc.)." For super-luxury cars powered by pure electric, fuel cell, etc., without cylinder capacity (displacement), consumption tax will only be collected at the retail stage. No consumption tax will be collected on the sale of second-hand super-luxury cars by taxpayers. (2) Taiwan Semiconductor Manufacturing Company (TSM.N), the world's largest contract chipmaker, announced its Q2 financial results on Thursday, with net profit surging 60.7% YoY, exceeding market expectations and hitting a record high, mainly driven by the surge in semiconductor demand from the AI application sector. The company's net profit from April to June rose to 398.3 billion New Taiwan dollars ($13.53 billion), easily surpassing the market expectation of 377.9 billion New Taiwan dollars. (Bullish ★) (3) Tariffs: ① Vice Chairman of the Thai Chamber of Commerce: Thailand will propose to exempt 90% of US goods from tariffs. ② British media: The EU plans to impose additional tariffs on US services and export controls as a retaliatory measure after the breakdown of trade negotiations. ③ White House trade advisor Navarro: EU VAT is also a form of subsidy. We hope to see VAT reductions and tariff cuts. ④ Brazilian President Lula: Regulatory and tax measures will be taken against US digital companies.

[SMM Commentary on SHFE Tin Futures: The most-traded SHFE tin contract (SN2508) posts three consecutive negative sessions, dipping to RMB 261,700. Tin prices are under pressure amid macroeconomic disruptions and a weak supply-demand dynamic.] The most-traded SHFE tin contract (SN2508): Closing price: RMB 261,610/mt, down 0.71% (or RMB 1,950) from the previous day. Intraday fluctuations: Opened lower at RMB 262,180/mt, dipped to a low of RMB 260,780/mt, and rebounded slightly in the tail end but remained under significant pressure. Weekly trend: Three consecutive days of decline, with a cumulative drop exceeding 2.5%, approaching the support level of the 60-day moving average.

To ensure consistency between the data and its source and respond to customer feedback, we will uniformly adjust the date display of LME inventory data in our non-ferrous metal database.

[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.