SMM

[SMM Morning Meeting Summary: Trump Plans to Impose 100% Tariffs on Semiconductor Goods, Tin Prices May Maintain Fluctuating Trend] On the international macro front, Trump plans to impose 100% tariffs on semiconductor goods, but exempts enterprises that build factories in the US. This policy has sparked widespread market concern and uncertainty. The EU has stated that even if the US imposes new tariffs on semiconductors, the tariff ceiling for chips exported from the EU to the US will remain at 15%. Additionally, New Zealand's unemployment rate rose to its highest level in nearly five years in Q2, which may prompt the Reserve Bank of New Zealand to restart interest rate cuts. Domestically, the overall supply and demand in the tin ore market is tight. In terms of supply, the supply of tin ore in major producing areas such as Yunnan is tightening, and some smelters may maintain production shutdowns for maintenance or slightly cut production in August. Demand side, after the installation rush in the PV industry ended, orders declined. The electronics industry has entered the off-season, and end-users have strong wait-and-see sentiment, with orders only meeting just-in-time procurement needs. Demand in other sectors such as tinplate and chemicals remains stable. Transactions in the spot market are sluggish, with downstream enterprises mostly restocking at lower prices in the early stage and currently only making just-in-time procurement. Overall, it is expected that tin prices will continue to fluctuate at highs this week. Investors are advised to closely monitor changes in international policies and domestic market supply and demand, and operate cautiously...