Futures market: LME copper opened at $9,940/mt (the session high) overnight, then fluctuated downward with the price center gradually declining to touch a low of $9,848/mt before closing at $9,854.5/mt after considerable fluctuations, down 0.8%.

SHFE tin prices opened slightly lower in the night session, with the oscillation range moving downwards. [SMM Tin Morning News] Macro: (1) During his visit to the US Fed building on Thursday, US President Trump stated that he had a "good talk" with Fed Chairman Powell, and the discussion atmosphere was not tense. Trump said he discussed interest rates with Powell. Trump indicated that firing Powell would be too disruptive and that he saw no need for it. (2) Tariffs: ① The EU has adopted a counter-tariff plan totaling 93 billion euros against the US, which will take effect on August 7 if no agreement is reached. ② Indian Commerce Minister: Confident in reaching a trade agreement with the US. ③ India and the UK signed a free trade agreement.

[SMM Commentary on Tin Futures: LME Tin's Squeeze Risk Remains Unresolved, Most-traded SHFE Tin Contract Hits New High of 274,000 yuan/mt] Most-traded SHFE tin contract (SN2508): Closing price: 273,950 yuan/mt, surging 1.88% in a single day, with a cumulative increase of 4.59% over five days. Intraday fluctuations: Driven higher by LME tin during the night session, it broke through the resistance level of 273,000 yuan/mt in the afternoon, reaching a peak of 274,200 yuan/mt.

[SMM Tin Midday Review: Macro Positive Factors and Mine Disruptions Resonate, SHFE Tin Price Surpasses 270,000 yuan/mt Mark] The midday price of the most-traded SHFE tin contract (SN2508) was 272,170 yuan/mt, up 1.22% from the previous day's settlement price. The intraday fluctuation: opened at 271,810 yuan/mt (2,910 yuan higher than the previous day's close), reaching a high of 275,750 yuan/mt, with trading volume increasing to 90,600 lots. Spot-futures price spread structure: spot premiums narrowed slightly, with Yunnan Tin brand commanding a premium of 700-1,000 yuan/mt over futures, but downstream fear of high prices curbed trading.

Futures market: LME copper opened at $9,940/mt overnight, fluctuated downward to $9,914.5/mt in early trading, then fluctuated considerably to a high of $9,946.5/mt before consolidating sideways and finally closing at $9,933.5/mt, up 0.36%, with trading volume at 15,000 lots and open interest at 265,000 lots.

SHFE tin prices opened higher during the night session and remained rangebound at elevated levels. Trading in the spot market stalled. [SMM Tin Morning News] Macro: (1) Lisa Su, CEO of AMD (AMD.O), stated at an AI event held in Washington that the cost of chips obtained from TSMC's Arizona factory was higher. Compared to similar parts produced at TSMC's Taiwan factory, the cost of chips from the US factory would be "more than 5% higher, but not exceeding 20%." (2) Tariffs: ① EU officials stated that the US benchmark tariff on EU goods was 15%, with the White House responding that everything was speculation until Trump's announcement. ② The EU was preparing to impose a 30% tariff on US goods worth 100 billion euros in the absence of an agreement. ③ It was reported that US federal prosecutors were laying the groundwork for criminal charges against companies and individuals attempting to evade US tariffs. ④ The US was entering the final stage of an anti-dumping investigation into certain steel imports. ⑤ The US Secretary of Commerce stated that the Japan agreement could serve as a model for a trade agreement with the EU. Major countries faced difficulties in obtaining lower tariff rates. ⑥ Trump stated that he would impose simple tariffs ranging from 15% to 50% on most countries. If major countries could be persuaded to open their markets to the US, he would always be willing to waive tariff provisions.

[SMM Tin Futures Brief Commentary: Macro Warmth and Mine-End Disruptions Coexist, the Most-Traded SHFE Tin 2508 Contract Closes Fluctuating at Highs of 268,540 yuan/mt] The closing price of the most-traded SHFE tin contract (SN2508) was 268,540 yuan/mt, up 0.42% from the previous day. The intraday fluctuation ranged from a high of 270,120 yuan/mt to a low of 267,660 yuan/mt, with 69,039 lots traded and a turnover of 18.565 billion yuan. The spot-futures price spread structure: Spot premiums narrowed, with Yunnan Tin brand spot premiums over futures at 700-1,000 yuan/mt. There was a strong reluctance to budge on prices in the market, but trading was sluggish. The LME tin contract was temporarily quoted at $34,025/mt, up 0.31%.

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.