SMM

SHFE tin prices remained high and stable during the night session, while the spot market showed mediocre performance [SMM Tin Morning Brief]. Macro: (1) Minister of Finance Lan Fo'an wrote in Study Times that efforts should be made to support the expansion of domestic demand with a focus on promoting consumption, further unleashing the potential of the domestic market. The policy system supporting service consumption in areas such as elderly care, childcare, culture, and tourism should be continuously improved. The duty-free shop policy should be refined to promote the healthy and orderly development of the duty-free commodity retail business. Fiscal and financial policies should be coordinated and linked, and fiscal interest subsidy policies for personal consumption loans in key areas and loans for service industry operators should be introduced and implemented to better meet consumption demands. The construction of projects under the "two major national strategies and building up security capacity in key areas" should be continuously advanced. Support should be provided to accelerate the establishment of a new model for real estate development, implement urban renewal initiatives, and promote the sustained and healthy development of the real estate market. (2) Tariffs: ① Trump: If a ceasefire agreement with Ukraine is not reached within 10 days, tariffs will be imposed on Russia. There is no concern about oil prices if sanctions are imposed on Russia. ② US Secretary of Commerce: Trump will announce the pharmaceutical industry policy within the next two weeks. ③ It is reported that the EU intends to purchase AI chips worth 40 billion euros in the US trade agreement. ④ Mexican President: Mexico aims to reach a tariff agreement with the US this week. ⑤ It is reported that India is expected to reach a trade agreement with the US in September or October, preparing to cope with the 20% to 25% tariffs that the US may impose on it. ⑥ Trump: India may face 20% to 25% tariffs, but the agreement has not yet been finalised.