Recently, refined tin producer Malaysia Smelting Corporation (MSC) released its Q2 2025 financial report. Despite the temporary shutdown of its Pulau Indah smelter due to a natural gas pipeline explosion in April and weak performance in the refined tin business, revenue from tin-bearing slag and by-products surged, ultimately driving total revenue up 2.5% QoQ to 379 million ringgit (approximately 631 million yuan).

[SHFE Tin Midday Review: SHFE Tin Prices Jump Initially and Then Pull Back Resilient Performance Amid Mine Bottlenecks and Macro Pressures] During the midday session on August 20, 2025, the most-traded SHFE tin contract (SN2509) closed at 266,820 yuan/mt, up 0.12% from the previous day, showing a pattern of jumping initially and then pulling back. The price fluctuation range during the session widened to 266,300-269,620 yuan/mt, with signs of continued capital reduction and position liquidation. Meanwhile, LME tin prices were slightly weaker, with the LME tin contract reporting $33,720/mt at noon, down 0.15%, having touched an intraday high of $33,775/mt. This was mainly due to supply disruptions in Southeast Asian tin mines and support from low inventories, with LME tin inventory remaining at an absolute low of 1,830 mt, highlighting the tightness in spot markets.

Futures: LME copper opened and hit a high of $9,747/mt overnight, then the price center gradually moved downward, approaching a low of $9,680/mt near the end of the session, and finally closed at $9,684.5/mt, down 0.69%.

The spot market remains mediocre, with SHFE tin prices maintaining a fluctuating trend [SMM Tin Morning Brief] Macro: (1) According to foreign media citing two sources, US Commerce Secretary Rutenik is studying the federal government's stake in chip manufacturers building factories in the US under the funding of the Chip Act. This move extends the previous plan where the US intended to exchange cash subsidies for a portion of Intel's equity. A White House official and an informed source said that Rutenik is exploring how the US can acquire stakes in companies like Micron Technology (MU.O), TSMC (TSM.N), and Samsung while providing them with funds from the Chip Act. Most of the funds have yet to be disbursed. (2) On August 19, Apple's iPhone 17 entered the mass production phase, with Foxconn, as the main toll processing producer for Apple's iPhones, currently conducting peak season recruitment at its Zhengzhou plant.

[SHFE Tin Brief: LME tin prices show relative resilience, maintaining strength during the day] On August 19, 2025, the most-traded SHFE tin 2509 contract fluctuated rangebound, rebounding slightly in the afternoon, and closed at 268,090 yuan/mt, up 0.46% from the previous trading day. The daily fluctuation range was 265,450—268,170 yuan/mt, with 44,882 lots traded. Open interest decreased by 1,092 lots to 21,004 lots, indicating a clear sign of capital withdrawal. The spot market also faced pressure, with downstream restocking willingness slightly rebounding but high prices suppressing transaction volumes. Traders refused to budge on prices for sales, while downstream buyers made just-in-time procurement, leading to a tug-of-war, and overall trading did not see significant improvement.

[SHFE Tin Midday Review: SHFE Tin Under Pressure and Fluctuating Slow Resumption of Production in Myanmar and Weak Demand Await Macro Guidance] During the midday session on August 19, 2025, the most-traded SHFE tin 2509 contract was at 266,320 yuan/mt, down slightly by 0.2% from the previous day's settlement price, maintaining a fluctuate rangebound pattern with somewhat sluggish trading. LME three-month tin closed overnight at $33,670/mt.

Futures: LME copper opened at $9,737.5/mt overnight. Prices initially fluctuated downward to test $9,722/mt before fluctuating considerably and finally closing at the day's high of $9,752/mt, down 0.08%.

The Trump administration is discussing the acquisition of Intel shares SHFE tin prices continue to fluctuate at lows [SMM Tin Morning Brief] Macro: (1) According to a White House official and other sources, the Trump administration is discussing the acquisition of approximately 10% of Intel (INTC.O), a move that could make the US the largest shareholder in the troubled chipmaker. Sources say the federal government is considering a potential investment in Intel, which would involve converting part or all of the grants the company receives from the CHIPS and Science Act into equity. Intel was previously slated to receive $10.9 billion in CHIPS Act funding for commercial and military production. This amount is roughly sufficient to cover the targeted shareholding. Based on Intel's current market value, 10% of the chipmaker's shares are worth about $10.5 billion. The exact size of the equity stake and whether the White House chooses to proceed with the plan remain in flux, according to the sources.

[SHFE TIN NOON COMMENTARY: SHFE TIN CONTINUES FLUCTUATING MACRO FORCES INTERWEAVE LIMITING UPSIDE ROOM] During the midday session on August 18, 2025, the most-traded SHFE tin 2509 contract closed at 266,670 yuan/mt, up 110 yuan from the previous day's settlement price, with a gain of 0.04%. The morning trading session showed a fluctuate downward trend, opening at 266,820 yuan/mt and experiencing intraday fluctuations. LME tin also strengthened, closing overnight at $33,600/mt, with low inventory levels continuing to support prices in the LME market.