This week, the ferrous metals series first rose then fell, with some varieties reaching half-year highs before experiencing significant declines. On the news front, Tuesday saw market sentiment peak as expectations for the upcoming Politburo meeting combined with potential production cut expectations in September due to military parade supply constraints, driving stronger gains in finished products than raw materials. Later in the week, the Politburo meeting concluded without exceeding expectations regarding real estate or anti-"rat race" competition measures, prompting increased exits by bulls. Fundamentally, the third and fourth rounds of coke price increases materialized this week, while finished product inventories began accumulating. Spot market-wise, recent trading activity declined, with arbitrage demand still entering early in the week but transactions plummeting later...

[SMM Tin Midday Review: Mine Shortage and Off-Season Clash with Macro Headwinds, SHFE Tin Midday Session Under Pressure] As of the noon close on August 1, the most-traded SHFE tin contract (SN2509) closed at 264,940 yuan/mt, down 0.46% from the previous day's settlement price. The intraday low reached 262,910 yuan/mt, continuing the doldrums from the night session. The LME tin 3-month contract also moved lower, closing at $32,800/mt, hitting a new low in nearly a month.

[SMM Tin Futures Brief Commentary: US Fed's Hawkish Remarks Weigh on Non-Ferrous Metals, Tin Prices Continue to Stay in the Doldrums] On July 31, 2025, the most-traded SHFE tin 2509 contract fluctuated downward. At the close of trading at 15:00, it settled at 265,290 yuan/mt, down 2,450 yuan (a decline of 0.92%) from the previous trading day. The futures market fluctuated between 264,670 and 267,950 yuan/mt, with the settlement price fixed at 266,160 yuan/mt. Trading volume reached 61,840 lots, while open interest decreased by 765 lots to 27,818 lots, indicating that some bulls exited the market to hedge risks. LME tin's decline widened to 1.68%, closing at $32,850/mt, with an intraday high of $33,450/mt.

[SMM Tin Midday Review: SHFE tin fluctuates under pressure, with weak supply and demand awaiting macro breakthrough] As of today's midday session, the most-traded SHFE tin contract (SN2509) was reported at 265,740 yuan/mt, down 0.75% from the previous day's settlement price. During the Asian trading session, the LME tin contract traded within the range of $33,140-$33,450/mt, down slightly by 0.19% from the previous day's closing price, maintaining a sideways consolidation pattern.

The grand show of the copper market in 2025 kicks off. Who will become the "leading actor" this year: macro factors, inventories, or supply? [SMM Special Topic]

[SMM Tin Futures Brief Commentary: Fed Interest Rate Decision Approaching, Tug-of-War Between Longs and Shorts in SHFE Tin at 265,000 yuan/mt Support Level] As of July 30, the most-traded SHFE tin contract (SN2509) closed at 267,870 yuan/mt, up 0.19% from the previous day, with a narrowed intraday amplitude of 1.2%. The reduced trading volume indicated caution from both longs and shorts. The LME tin contract was quoted at $33,645/mt, up 0.07%. Weak Electronics Industry Chain: Electronics terminals in South China entered the off-season, with operating rates of solder enterprises falling to low levels. After the installation rush in the PV sector ended, tin bar orders declined, and downstream enterprises only maintained just-in-time procurement.