US Judge Scheduled to Hold Hearing on Cook's Lawsuit Against Trump This Friday, SHFE Tin Prices Remain High and Stable [SMM Tin Morning Brief]

SMM Tin Morning News on August 29, 2025:

Futures: The most-traded SHFE tin contract (SN2510) opened significantly higher and then dropped back slightly during the night session, closing at 273,300 yuan/mt, up 0.37% from the previous trading day.

Macro: (1) Innoscience (02577.HK) announced in Hong Kong that its sales targeting AI and data centers in H1 rose 180% YoY; its 48v-12v applications based on 100V gallium nitride entered mass production; it became the sole domestic supplier on NVIDIA's 800V high-voltage DC solution chip supplier list, with gallium nitride adopted in NVIDIA's new-generation architecture, marking the entry of AI/data centers into the era of gallium nitride-based high-efficiency energy conservation. Automotive electronic products applied in scenarios such as LiDAR and on-board chargers (OBCs) maintained rapid growth, with deliveries of automotive-grade chips rising 128% YoY. (2) Opinions of the CPC Central Committee and the State Council on Promoting High-Quality Urban Development. The opinions mentioned expanding coverage of fifth-generation mobile communication networks (5G) and gigabit optical networks, optimizing the layout of computing infrastructure construction, and advancing the construction of new-type urban infrastructure. It also mentioned optimizing the allocation of urban water resources and the management system for water supply security. A modern comprehensive transportation system will be improved to enhance intercity and intracity commuting efficiency, refine the layout of transfer and handling facilities at transportation hubs, and strengthen the construction of convenient facilities such as parking spaces and charging piles. (3) US Fed -- ① Cook officially filed a lawsuit against Trump over the dismissal controversy, with Powell also named as a defendant. Cook's lawyer stated that the mortgage dispute may have arisen from a "clerical error." ② Milan, nominated by Trump for the position of Fed governor, is expected to be confirmed before the Fed's September resolution. ③ A US judge scheduled a hearing for Cook's lawsuit against Trump this Friday. The judge, nominated by Biden, is expected to make a final decision in the Supreme Court.

Fundamentals: (1) Supply-side disruptions: Overall tin ore supply in major producing regions such as Yunnan has tightened, and some smelters may maintain production halts for maintenance or implement slight production cuts in August (bullish ★). (2) Demand-side: PV industry: After the installation rush ended, orders for PV tin strips in east China declined, and the operating rates of some producers decreased; electronics industry: electronic terminals in south China entered the off-season, coupled with high tin prices, resulting in a strong wait-and-see sentiment among end-users, with orders only meeting rigid demand; other sectors: demand in areas such as tinplate and chemicals remained stable, with no unexpected growth observed.

Spot market: As spot prices remained fluctuating at highs above 272,000 yuan yesterday, most downstream and end-user enterprises maintained a wait-and-see attitude, with sluggish order conditions and poor purchase intentions. Most traders reported single-digit transactions yesterday.

[The information provided is for reference only. This article does not constitute direct advice for investment research decisions. Clients should make prudent decisions and not replace their independent judgment with this. Any decision made by the client is unrelated to SMM】