[SMM Tin Futures Review: LME Tin Futures Prices Show Relative Resilience While SHFE Tin Prices Fluctuate Downward Overall] On September 8, 2025, the most-traded SHFE tin SN2510 contract rebounded slightly in the afternoon session, closing at 270,700 yuan/mt with a daily decline of 0.57%. During the night session, the contract opened slightly higher but subsequently plunged sharply, settling at 269,750 yuan/mt, down 0.92% from the previous trading day.

[SMM Tin Midday Review: US August Non-Farm Payrolls Data Fell Far Short of Expectations, SHFE Tin Prices Fluctuate Rangebound] Macro perspective, the US August non-farm payrolls data fell far short of expectations (only 22,000 new jobs added), with the unemployment rate rising to 4.3%, reinforcing market expectations for a US Fed interest rate cut in September. The weakening US dollar provided some support to commodity prices. However, the potential impact of Trump's tariff policies on the semiconductor industry chain and the lackluster demand during the domestic September-October peak season continued to limit the upside room for tin prices. Inventory side, LME tin inventory increased slightly recently (rising by 205 mt in August to 2,155 mt), but global visible inventory remained at historically low levels, providing support to the price floor.

During last week's night session, SHFE tin prices opened higher but then plummeted significantly, with demand yet to demonstrate the typical September-October peak season fervor. [SMM Tin Morning Brief] Futures: The most-traded SHFE tin 2510 contract opened slightly higher during the night session before experiencing a sharp decline, closing at 269,700 yuan/mt, down 0.92% from the previous trading day.

[SMM Morning Meeting Summary: US President Trump Announces Semiconductor Import Tariffs to Be Imposed "Soon," Tin Prices Expected to Maintain Fluctuating Trend] US President Trump stated that tariffs on semiconductor imports will be imposed "soon," though products from companies like Apple, which have pledged to increase US investments, will be exempt. This policy may significantly disrupt the stability of the global semiconductor industry chain, raising market concerns. Domestically, the overall supply of tin ore remains tight, with some smelters undergoing maintenance in September, causing supply-side disruptions. Demand side, following the PV installation rush, orders for PV tin bars in east China have declined, while the electronics sector has entered the off-season. Coupled with high tin prices, end-users exhibit strong wait-and-see sentiment, with orders limited to essential needs. Other sectors, such as tinplate and chemicals, show steady demand without exceeding expectations. Spot market transactions are mixed, with traders reporting moderate sales in east China but sluggish activity in south China. Overall, domestic and overseas macro factors and supply-demand dynamics suggest tin prices may remain weak in the short term. Investors are advised to closely monitor international policy shifts and downstream demand recovery, exercising caution in operations.

[SMM Tin Midday Review: SHFE Tin Under Pressure in Morning Session, Awaiting Non-Farm Payrolls Data Guidance] At midday on September 5, 2025, the most-traded SHFE tin 2510 contract remained under pressure, closing at 271,930 yuan/mt by the lunch break, down 870 yuan (0.32%) from the previous settlement price. The futures moved downwards after a higher opening, initially quoted at 272,300 yuan/mt but struggling to rise thereafter, remaining in the doldrums. Overnight, LME tin fell 0.56% to $34,425/mt with a trading volume of 514 lots, while open interest dropped by 2.25 million to 211.7 million lots, reflecting strong wait-and-see sentiment ahead of key data. LME tin inventories continued rising, reporting 2,195 mt on September 4 (up 30 mt from the prior day), exerting slight pressure on prices. Macro perspective, markets focused on the upcoming US non-farm payrolls data, with August ADP employment adding 54,000 (far below expectations of 65,000), reinforcing expectations for US Fed interest rate cuts in September, though a US dollar rebound weighed on risk assets.

Trump announced plans to impose tariffs on semiconductor imports "soon." The most-traded SHFE tin contract (SN2510) dropped back slightly during the night session after briefly climbing to 273,000 yuan/mt, then fluctuated downward to close at 271,200 yuan/mt, down 0.59% from the previous trading day. [SMM Tin Morning Brief] Futures: The most-traded SHFE tin contract (SN2510) pulled back slightly.

[SMM Tin Midday Review: US Dollar Index Shows Recent Strength, SHFE Tin Prices Fluctuate Downward Slightly] During the midday session on September 4, 2025, the most-traded SHFE tin 2510 contract exhibited a downward fluctuation pattern. The contract opened lower at 272,830 yuan/mt, down 280 points from the previous day's settlement price. It briefly rebounded to around 274,100 yuan/mt during the session but lacked sufficient upward momentum, generally fluctuating near the 273,000 yuan/mt pivot level. Market trading sentiment turned cautious, with both trading volume and open interest showing contraction.

The US Fed will hold a payment innovation conference on October 21. SHFE tin prices maintained high-range consolidation [SMM Tin Morning Brief] Futures: The most-traded SHFE tin 2510 contract edged higher to 274,000 yuan/mt during the night session, then maintained a fluctuating trend, closing at 273,600 yuan/mt, up 0.21% from the previous trading day.

[SMM Tin Midday Review: SHFE Tin Fluctuates at Highs Amid Weak Supply and Demand, Strong Wait-and-See Sentiment Prevails] On the midday of September 3, 2025, the most-traded SHFE tin contract (2510) showed a downward fluctuation pattern. The contract opened at 273,980 yuan/mt, down 380 yuan from the previous day, briefly rebounding above 274,500 yuan/mt during the session but subsequently struggling to rise, ultimately closing at 272,600 yuan/mt with a 0.64% decline. Market trading atmosphere turned noticeably cautious, with both trading volume and open interest showing contraction.

Futures: LME copper opened at $9,873.5/mt overnight, initially touched a low of $9,851/mt at the beginning of the session, then rose all the way and touched a high of $10,015/mt near the end of the session, finally closed at $10,013.5/mt, up 1.4%, with trading volume reaching 26,000 lots and open interest reaching 277,000 lots.