As of the midday session on July 23, the most-traded SHFE tin contract (2508) was temporarily quoted at 268,980 yuan/mt, up 0.58% from the previous settlement price.

Futures market: LME copper opened at $9,871.5/mt overnight, fluctuated upward initially before plunging to $9,858.5/mt, then gradually rebounded to a high of $9,923/mt, finally closing at $9,898/mt, up 0.31%, with trading volume at 13,000 lots and open interest at 266,000 lots.

SHFE tin prices fluctuated upward during the night session, while spot market transactions cooled down [SMM Tin Morning Brief]. Macro: (1) According to NHK, Japan and the US have agreed to set the tariff on Japanese cars imported by the latter at 15%. The report, citing government sources, said the two countries have agreed to reduce the additional tariff on Japanese cars from the previously planned 25% to 12.5%, which, combined with the initial 2.5% tariff, brings the total tariff on cars down to 15%. (Bullish ★) (2) US Treasury Secretary Bessent announced in an interview with Fox News on the 22nd local time that the third round of China-US trade negotiations will be held in Stockholm, Sweden, next Monday and Tuesday. The two sides have previously held two rounds of talks in Geneva and London. The report said that August 12th is the deadline for the suspension of tariff hikes between China and the US, and the latest round of negotiations aims to postpone this deadline. (3) Tariffs: ① US Treasury Secretary Bessent: August 1st is a "relatively firm deadline" for all countries. EU trade negotiations are being conducted separately from negotiations on sanctions against Russia and Ukraine. Japan's negotiations are progressing very smoothly. ② Premier of Ontario, Canada: The electricity export tax is still under consideration. ③ South Korea is considering painful concessions to avoid being fully subjected to US tariffs. ④ Trump: A trade agreement has been reached with the Philippines, which will impose a 19% tariff on the Philippines. The Philippines will open its market to the US and implement zero tariffs. ⑤ The US has released details of the trade agreement reached with Indonesia. ⑥ Canadian Prime Minister: An agreement beneficial to Canada with the US "has not yet been put on the table.

[SMM Tin Futures Review: The Most-Traded SHFE Tin Contract Rose 1.11% to Close Above 268,000, Fluctuating at Highs Amid Supply Disruptions and Policy Games] Price Movement: The most-traded SHFE tin contract (SN2508) fluctuated upward in the afternoon session, closing at 268,520 yuan/mt, up 2,950 yuan (1.11%) from the previous day. The intraday trading range was 265,720-268,930 yuan/mt, with a settlement price of 267,430 yuan/mt. Trading and Open Interest: The trading volume reached 63,667 lots, while open interest decreased by 1,931 lots to 16,761 lots, indicating profit-taking activities.

[SMM Tin Midday Review: Macro Tailwinds Boost Tin Prices, Tug-of-War Between Sellers and Buyers Limits Gains] As of the midday session on July 22, 2025, the most-traded SHFE tin contract (SN2508) closed at 266,610 yuan/mt, up 0.39%; LME three-month tin closed at $33,680/mt, up 0.01%. Domestic "anti-rat race" policies intensify: The Ministry of Industry and Information Technology (MIIT) plans to promote the elimination of outdated capacity in industries such as non-ferrous metals. Active liquidity has driven a general rise in the non-ferrous metals sector, with tin prices following the sector's sentiment upwards.

Futures market: LME copper opened at $9,851/mt overnight, fluctuated downward to test the low of $9,841/mt at the beginning of the session, then the center of copper prices moved straight up to probe $9,871/mt, followed by considerable fluctuations before finally closing at $9,867/mt, up 0.74%, with trading volume at 14,000 lots and open interest at 266,000 lots.

SHFE tin prices opened slightly higher during the night session and maintained a high-level sideways trend. Most downstream enterprises adopted a wait-and-see attitude. [SMM Tin Morning News] Macro: (1) The head of the Department of Circulation Development, Ministry of Commerce, commented on the development of China's wholesale and retail industries from January to June 2025. Since the beginning of this year, over 66 million consumers have purchased over 109 million units of 12 major categories of home appliances through trade-in policies, and over 69 million consumers have purchased over 74 million digital products such as mobile phones. Additionally, 82,000 sales outlets nationwide have carried out e-bike trade-in programs, with a cumulative total of 9.056 million new vehicles traded in. According to data from the National Bureau of Statistics (NBS), from January to June, the retail sales of household appliances and audio-visual equipment by units above designated size increased by 30.7% YoY, and the retail sales of communication equipment by units above designated size increased by 24.1% YoY. (Bullish ★)

[SMM Tin Midday Review: SHFE Tin and LME Tin Prices Rise Simultaneously Amidst Expectations of Myanmar's Production Resumption and Off-Season Demand] This morning, the most-traded SHFE tin contract (SN2507) continued to be in the doldrums, opening at 262,320 yuan/mt and temporarily closing at around 261,490 yuan/mt at midday, with an intraday increase of 0.22%. Short-term support below is noted at 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 to adopt a wait-and-see attitude.

Futures market: LME copper opened at $9,729/mt last Friday night, initially fluctuating rangebound and testing the low of $9,710/mt before gradually moving higher and probing $9,799/mt near the session close, eventually settling at $9,794.5/mt, up 1.2%.

SHFE tin prices opened lower in the night session and then fluctuated upward, while the spot market remained sluggish [SMM Tin Morning News]. Macro: (1) TSMC's 2-nanometer production is set to commence as scheduled in the second half of this year. Industry sources indicate that due to the overwhelming demand from major customers like Apple and Intel for the first wave of 2-nanometer chips, coupled with the upcoming adoption by Qualcomm, MediaTek, and Nvidia, TSMC's 2-nanometer supply is severely constrained. As a result, TSMC plans to significantly expand its production capacity, aiming to increase its monthly 2-nanometer wafer output from 40,000 units at the end of this year to 100,000 units next year, a 1.5-fold increase, with the potential to double again to 200,000 units by 2027. (Bullish ★) (2) On July 18, the Ministry of Industry and Information Technology, the National Development and Reform Commission (NDRC), and the State Administration for Market Regulation jointly held a symposium on the NEV industry to deploy further work on standardizing the competitive order of the NEV industry. The meeting called for strengthened supervision and inspection, including in-depth promotion of product price monitoring, product consistency supervision and inspection, shortening of supplier payment terms, and conducting special rectifications of online chaos, product quality supervision and spot checks, and defect investigations to ensure product safety and reliable quality. (Bullish ★) (3) US Secretary of Commerce Lutnick: Confident in reaching an agreement with the EU, with small countries needing to pay a 10% benchmark tariff. Powell has kept interest rates too high.