Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - The supply - demand side shows a pattern of reduced supply with a false increase. The supply side shrinks slightly due to the decrease in the operating rate of refineries in South China. The inventory changes little month - on - month, and the demand shows characteristics of the rainy season. The biggest variable is the geopolitical premium caused by the Israel - Iran conflict. The short - term asphalt futures price fluctuates following the cost - end crude oil. In the short term (from mid - late June to early August), it is necessary to see if the decline in demand growth due to the rainy season can match the increase in production growth under high profits. In the long - term, there is still an expected increase in demand in the last year of the 14th Five - Year Plan, and the peak season performance is still worth looking forward to [2] Group 3: Summary According to Related Catalogs 3.1. Asphalt Price and Volatility - The predicted monthly price range of the asphalt main contract is 3400 - 3750. The current 20 - day rolling volatility is 27.20%, and the historical percentile of the current volatility in the past 3 years is 58.33% [1] 3.2. Asphalt Risk Management Strategy 3.2.1. Inventory Management - When the finished product inventory is high and there are concerns about the decline in asphalt prices, for enterprises with long spot exposure, they can short the asphalt futures (bu2509) according to their inventory situation to lock in profits and make up for production costs. The recommended selling ratio is 25%, and the recommended entry range is 3650 - 3750 [1] 3.2.2. Procurement Management - When the regular procurement inventory is low and enterprises hope to purchase according to order situations, for those with short spot exposure, they can buy asphalt futures (bu2509) at present to lock in procurement costs in advance. The recommended buying ratio is 50%, and the recommended entry range is 3300 - 3400 [1] 3.3. Core Contradictions and Influencing Factors 3.3.1. Core Contradictions - The supply - demand side has a complex situation, and the biggest variable is the Israel - Iran conflict. The short - term price follows crude oil, and it is necessary to observe the matching of supply and demand growth in the short and long terms [2] 3.3.2. Bullish Factors - The asphalt's own inventory structure is good; there is a seasonal peak in demand; the increase in crude oil prices significantly raises the cost [2][4] 3.3.3. Bearish Factors - The cracking remains at a high level; after the end of maintenance, the output of some refineries recovers; the rainy season in the South drags down demand; the easing of the Middle East situation leads to the return of the war premium on crude oil [4] 3.4. Asphalt Price and Basis Data 3.4.1. Spot Price - On June 27, 2025, the Shandong spot price was 3805 yuan/ton (unchanged from the previous day, up 5 yuan/ton week - on - week); the Yangtze River Delta spot price was 3780 yuan/ton (unchanged from the previous day, up 10 yuan/ton week - on - week); the North China spot price was 3750 yuan/ton (down 10 yuan/ton from the previous day, down 50 yuan/ton week - on - week); the South China spot price was 3650 yuan/ton (unchanged from the previous day, down 20 yuan/ton week - on - week) [2] 3.4.2. Basis - On June 27, 2025, the Shandong spot 09 basis was 244 yuan/ton (up 2 yuan/ton from the previous day, up 191 yuan/ton week - on - week); the Yangtze River Delta spot 09 basis was 219 yuan/ton (up 2 yuan/ton from the previous day, up 196 yuan/ton week - on - week); the North China spot 09 basis was 189 yuan/ton (down 8 yuan/ton from the previous day, up 136 yuan/ton week - on - week); the South China spot 09 basis was 89 yuan/ton (up 2 yuan/ton from the previous day, up 166 yuan/ton week - on - week) [5] 3.4.3. Cracking - On June 27, 2025, the cracking of Shandong spot to Brent was 181.3768 yuan/barrel (unchanged from the previous day, up 67.1332 yuan/barrel week - on - week); the cracking of the futures main contract to Brent was 139.0944 yuan/barrel (down 0.3466 yuan/barrel from the previous day, up 34.0351 yuan/barrel week - on - week) [5] 3.5. Seasonal Charts - There are seasonal charts of asphalt 09 contract basis in Shandong, North China, Yangtze River Delta, and Northeast regions; asphalt futures month - spreads (06 - 09 and 09 - 12); domestic asphalt refinery total inventory rate (Baichuan sample); asphalt warehouse and factory - warehouse receipt quantities; and domestic asphalt social inventory rate (Baichuan sample) [6][11][13]

Report Overview - Report Title: Nanhua Futures Copper Risk Management Daily Report - Date: June 27, 2025 - Research Team: Nanhua Non-ferrous Metals Research Team 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - The copper market's fundamentals remain stable. There are both利多 factors, such as the easing of Sino-US tariff policies and reduced inventory levels, and利空 factors, including the volatility of tariff policies, reduced global demand due to tariff policies, the Fed maintaining high - interest rates, the US dollar index hovering at a low level, and an increased expectation of Fed rate cuts [3][4][5][6][8]. 3. Summary by Relevant Catalogs Copper Price and Volatility - The latest copper price is 78,890 yuan/ton, with a monthly price range forecast of 73,000 - 80,000 yuan/ton. The current volatility is 8.61%, and the current volatility's historical percentile is 6.9% [2]. Copper Risk Management Suggestions Inventory Management - For high - level finished product inventory and concerns about price drops, with a long spot exposure, it is recommended to sell 75% of the Shanghai Copper main futures contract at around 82,000 yuan/ton and sell 25% of the CU2508C80000 call option when volatility is relatively stable [2]. Raw Material Management - For low - level raw material inventory and concerns about price increases, with a short spot exposure, it is recommended to buy 75% of the Shanghai Copper main futures contract at around 75,000 yuan/ton [2]. Copper Futures and Spot Data Futures Data - The latest price of the Shanghai Copper main contract is 78,890 yuan/ton, with no daily change. The Shanghai Copper continuous - one contract rose 210 yuan to 78,890 yuan/ton, a 0.27% increase. The Shanghai Copper continuous - three contract was 78,520 yuan/ton with no change. The LME Copper 3M contract rose 169 dollars to 9,896 dollars/ton, a 1.74% increase. The Shanghai - London ratio was 7.95, up 0.05 or 0.63% [7]. Spot Data - The latest prices of Shanghai Non - ferrous 1 copper, Shanghai Wumaom, Guangdong Nanchu, and Yangtze Non - ferrous were 78,940 yuan/ton, 78,740 yuan/ton, 78,860 yuan/ton, and 78,950 yuan/ton respectively, with daily increases of 360 yuan (0.46%), 180 yuan (0.23%), 270 yuan (0.34%), and 210 yuan (0.27%) [9]. Copper Warehouse Receipt and Inventory Data Warehouse Receipt Data - The total Shanghai Copper warehouse receipt was 23,696 tons, up 2,226 tons or 10.37%. The total international copper warehouse receipt was 1,601 tons, down 302 tons or - 15.87% [14]. Inventory Data - The total LME copper inventory was 93,075 tons, down 400 tons or - 0.43%. The COMEX copper inventory was 206,135 tons, up 7,730 tons or 3.9% [16][18]. Copper Import and Processing Data - The copper import profit and loss was - 2,812.05 yuan/ton, down 289.76 yuan or 11.49%. The copper concentrate TC was - 43.13 dollars/ton, up 0.67 dollars or - 1.53% [19].

Group 1: Report Overview - The report is the Nanhua Futures Tin Risk Management Daily for June 27, 2025, prepared by the Nanhua Non - ferrous Metals Research Team [1] Group 2: Tin Price and Volatility - The latest closing price of tin is 267,270 yuan/ton, with a monthly price range forecast of 245,000 - 263,000 yuan/ton. The current volatility is 19.07%, and the current volatility historical percentile is 47.0% [2] Group 3: Tin Risk Management Suggestions Inventory Management - For high finished - product inventory and fear of price decline (long spot exposure), it is recommended to sell short the main Shanghai tin futures contract at around 290,000 yuan/ton with a 100% hedging ratio and sell call options (SN2508C275000) at an appropriate volatility with a 25% hedging ratio [2] Raw Material Management - For low raw - material inventory and fear of price increase (short spot exposure), it is recommended to buy long the main Shanghai tin futures contract at around 230,000 yuan/ton with a 50% hedging ratio and sell put options (SN2508P245000) at an appropriate volatility with a 25% hedging ratio [2] Group 4: Market Factors Positive Factors - Sino - US tariff policy easing, the semiconductor sector still in an expansion cycle, and Myanmar's production resumption falling short of expectations [4] Negative Factors - Tariff policy reversals, Myanmar's production resumption, and the semiconductor sector's expansion speed slowing down and moving towards a contraction cycle [5][6] Group 5: Tin Futures and Spot Data Futures Data (Daily) - The latest price of the main Shanghai tin futures is 267,270 yuan/ton (unchanged), the Shanghai tin continuous - one is 267,260 yuan/ton (unchanged), the Shanghai tin continuous - three is 266,880 yuan/ton (unchanged), the LME tin 3M is 33,140 US dollars/ton (up 680 US dollars, 2.09%), and the Shanghai - London ratio is 8.12 (up 0.08, 1%) [6] Spot Data (Weekly) - The latest price of Shanghai Non - ferrous tin ingots is 265,800 yuan/ton (up 1,400 yuan, 0.53%), 1 tin premium is 500 yuan/ton (down 200 yuan, - 28.57%), 40% tin concentrate is 253,800 yuan/ton (up 1,400 yuan, 0.55%), 60% tin concentrate is 257,800 yuan/ton (up 1,400 yuan, 0.55%), 60A solder bar is 172,750 yuan/ton (up 1,000 yuan, 0.58%), 63A solder bar is 180,250 yuan/ton (up 1,000 yuan, 0.56%), and lead - free solder is 271,750 yuan/ton (up 1,500 yuan, 0.56%) [10][13] Group 6: Tin Import and Processing Import and Processing Data (Daily) - Tin import profit and loss is - 11,873.99 yuan/ton (up 843.25 yuan, - 6.63%), 40% tin ore processing fee is 12,200 yuan/ton (unchanged), and 60% tin ore processing fee is 10,550 yuan/ton (unchanged) [15] Group 7: Tin Inventory Inventory Data (Daily) - The total warehouse receipt quantity of tin in the Shanghai Futures Exchange is 6,591 tons (up 119 tons, 1.84%), with 4,242 tons in Guangdong (up 125 tons, 3.04%) and 1,424 tons in Shanghai (down 6 tons, - 0.42%). The total LME tin inventory is 2,115 tons (down 40 tons, - 1.86%) [17]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The medium - to long - term trend of precious metals may be bullish, while in the short - term, they are expected to remain in a high - level oscillation under the circumstances of eased geopolitical risks and non - sensitive trade tariff negotiations. Short - term corrections are regarded as medium - to long - term buying opportunities. The key support for London gold is at 3300, and for London silver is in the 34.8 - 35 area [5]. 3. Summary by Related Catalogs 3.1 Market Review - On Thursday, the precious metals market showed a pattern of strong silver and volatile gold. Bitcoin maintained an oscillation, the US dollar index fell below 98, crude oil oscillated, and the strong US stock market also suppressed the safe - haven demand for precious metals. The abnormal copper price drove the relatively strong trend of silver. COMEX gold 2508 contract closed at $3341.6 per ounce, down 0.04%; US silver 2509 contract closed at $36.885 per ounce, up 1.22%. SHFE gold 2508 main contract closed at 775.28 yuan per gram, up 0.69%; SHFE silver 2508 contract closed at 8796 yuan per kilogram, up 1.7% [2]. - US economic data strengthened the expectation of two interest rate cuts by the Fed this year. The final value of US GDP in 25Q1 was revised down to - 0.5%, and personal consumption showed the weakest performance since the pandemic. Although the number of initial jobless claims in the US last week was lower than expected, the number of continued jobless claims jumped to the highest level since November 2021. The preliminary value of the month - on - month change in US durable goods orders in May was 16.4%, the largest increase since July 2014 [2]. 3.2 Interest Rate Cut Expectations and Fund Holdings - According to CME's "FedWatch" data, the probability that the Fed will keep interest rates unchanged in July is 79.3%, and the probability of a 25 - basis - point rate cut is 20.7%. In September, the probability of unchanged rates is 6%, the probability of a cumulative 25 - basis - point cut is 74.9%, and the probability of a cumulative 50 - basis - point cut is 19.1%. In October, the probability of unchanged rates is 1.8%, the probability of a cumulative 25 - basis - point cut is 26.3%, the probability of a cumulative 50 - basis - point cut is 58.5%, and the probability of a cumulative 75 - basis - point cut is 13.5% [3]. - In terms of long - term funds, the holdings of SPDR Gold ETF remained at 953.39 tons; the holdings of iShares Silver ETF decreased by 50.88 tons to 14866.19 tons. SHFE silver inventory decreased by 6 tons to 1270.8 tons daily, and SGX silver inventory decreased by 21 tons to 1357.8 tons in the week ending June 20 [3]. 3.3 This Week's Focus - This week, the main data to focus on is the US PCE data on Friday night. In terms of events, attention should be paid to changes in the Middle East geopolitical situation, progress in trade tariff negotiations, and changes in the Fed's interest rate cut expectations. At 19:30 on Friday, FOMC permanent voter and New York Fed President Williams will chair a meeting at the 24th BIS Annual Meeting [4]. 3.4 Precious Metals Price and Inventory Data - **Precious Metals Price Table**: The table shows the latest prices, daily changes, and daily change rates of SHFE and SGX gold and silver futures, as well as the CME gold - silver ratio [6]. - **Inventory and Holdings Table**: It includes the latest values, daily changes, and daily change rates of SHFE and CME gold and silver inventories, as well as the holdings of gold and silver ETFs [17][18]. - **Stock, Bond, and Commodity Summary**: It presents the latest values, daily changes, and daily change rates of the US dollar index, US dollar - RMB exchange rate, Dow Jones Industrial Average, WTI crude oil spot price, LmeS copper 03 price, 10 - year US Treasury yield, 10 - year US real interest rate, and 10 - 2 year US Treasury yield spread [24].

Report Industry Investment Rating No information provided in the given content. Core Viewpoints of the Report The research on the regulatory framework, fund operation, bond - allocation behavior, and the latest characteristics of the bank wealth - management industry's development is of great reference value for bond - market trend analysis. The bank wealth - management sector currently faces challenges such as the rectification of net - value smoothing methods, difficulty in achieving performance benchmarks in a low - interest - rate environment, and potential shrinkage of small and medium - sized banks' wealth - management scale, which may affect bond - allocation preferences. The report also provides strategies for bond investment to respond to the institutional behavior changes of bank wealth - management [7]. Summary by Relevant Catalogs 1. Overview of Bank Wealth - Management Bond Allocation - As of the end of 2024, the bank wealth - management bond - allocation scale reached 18.6 trillion yuan, ranking third in the market and accounting for 10.5% of the 177 - trillion - yuan balance of China's bond - market custody. In recent years, affected by the redemption wave, the growth rate of bank wealth - management bond allocation first declined and then rebounded. Bank wealth - management prefers credit bonds and certificates of deposit in bond - allocation [1][13]. 2. Wealth - Management Regulatory Rules: A Multi - layer Regulatory Framework Led by the New Asset Management Regulations (1) Evolution of Wealth - Management Supervision - Since the introduction of the New Asset Management Regulations in 2018, a multi - layer regulatory framework of "New Asset Management Regulations - Wealth - Management Regulations and Wealth - Management Company Regulations + Supporting Rules for Wealth - Management Business Supervision + Valuation Methods + Window Guidance" has been formed. The New Asset Management Regulations initiated the era of net - value transformation, while the Wealth - Management Regulations and Wealth - Management Company Regulations carried out wealth - management business in a dual - track system [19]. (2) Regulatory Details of Bank Wealth - Management Product Investment and Operation - **Investment Scope**: Private - placement wealth management has a wider investment scope than public - placement wealth management, and public - placement wealth management can invest in non - standard assets and large - denomination certificates of deposit to increase returns compared with public - offering funds. There are also slight differences in supervision between commercial banks and wealth - management subsidiaries [25]. - **Investment Ratio**: The 80% investment ratio of major asset classes is the basis for product - type classification. The upper limit of non - standard asset investment is 35%. The liquidity - asset ratio requirement is similar to that of funds, and the credit - rating limit for cash - management products is in line with that of money - market funds. The concentration limit basically follows the requirements of the New Asset Management Regulations, with an exception clause for investment in index bond funds [2][30]. - **Leverage and Maturity Requirements**: The leverage requirements are the same as those of funds, with upper limits of 120%, 140%, and 200%. The maturity requirements aim to reduce the risk of maturity mismatch [2]. - **Valuation Method Requirements**: Specific products can use the amortized cost method, including cash - management wealth management and closed - end wealth management with the mixed - valuation method. The amortized cost method also needs to meet the requirements of the "Accounting Treatment Provisions for Asset Management Products". Market - value method requires the use of third - party valuation, and the means of smoothing net value have been gradually rectified [2]. 3. Bank Wealth - Management Operation: How to Respond to Net - Value Transformation? (1) Source of Funds - Since 2022, the wealth - management scale has gone through three stages: "fluctuating growth - redemption shrinkage - recovery growth". Individual investors are the main participants, preferring low - volatility and stable products. The proportion of parent - bank sales has been continuously declining [3][51]. (2) Asset Allocation - **Major Asset Allocation**: After the redemption wave in 2022, bank wealth - management increased the allocation of monetary assets and managed liquidity more through outsourced funds. The proportion of trust companies as the main outsourced channel increased due to their valuation advantages [3]. - **Bond - Asset Investment**: After the redemption wave, the bond - allocation scale of wealth management first shrank and then recovered. Currently, it is still mainly credit bonds, but the proportion of low - volatility inter - bank certificates of deposit is increasing. The proportion of outsourced investment has exceeded that of direct investment, showing the characteristics of "direct investment for stable net value and outsourced investment for higher returns" [3]. 4. New Developments: Challenges and Countermeasures for Bank Wealth - Management to Stabilize Net Value - **Challenge 1: Rectification of Wealth - Management Net - Value Smoothing Methods**: Since 2023, the proportion of wealth - management products with a net value below par has been generally controllable thanks to various net - value smoothing methods. However, since 2024, many smoothing methods have been rectified. In 2025, direct investment in bank wealth management increased capital lending and still controlled relatively short durations, while outsourced investment became more conservative [4][8]. - **Challenge 2: Difficulty in Achieving Wealth - Management Performance Benchmarks in a Low - Interest - Rate Bond Market**: In a tight - money environment, wealth management may increase lending and allocate more short - term bonds. In a low - interest - rate environment, it may increase the allocation of equity assets [4][8]. - **Challenge 3: Potential Shrinkage of Small and Medium - Sized Banks' Wealth - Management Scale**: According to news reports, the wealth - management scale of small and medium - sized banks may shrink, with the proposed rectification volume around 3.5 trillion yuan, accounting for about 12%. Wealth - management subsidiaries of large - state - owned banks may undertake the capital gap of small and medium - sized banks' wealth management, and the allocation demand for some inter - bank certificates of deposit and corporate bonds may shift to cash, bank deposits, and financial bonds [4][8]. 5. How Should Bond Investment Respond to the Institutional Behavior Changes of Wealth Management? - **Grasp the Seasonal Bond - Allocation Rules**: In April, July, and from October to November, there are usually opportunities for the credit spreads of 1 - year AAA inter - bank certificates of deposit and AAA short - and medium - term notes within 1 year to compress [5][8]. - **Track Redemption Waves**: Divide redemption waves into small - scale and large - scale ones according to the degree of negative feedback in the bond market. Use product net value, product scale, and spot - bond trading as the key indicators to track the redemption pressure of various products, and grasp the investment opportunities in redemption waves in different stages [5][9]. - **Pay Attention to Leading Indicators and Be Alert to the Risk of Wealth - Management Net - Value Fluctuation**: Observe whether the wealth - management safety cushion turns negative and whether the seasonal decline in wealth - management scale exceeds the fund - holding position. Before these situations occur, the risk of wealth - management net - value retracement is controllable [5][9].

证券代码：603093 证券简称：南华期货 公告编号：2025-038 南华期货股份有限公司股票交易异常波动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 南华期货股份有限公司（以下简称"公司"）股票于 2025 年 6 月 24 日、 6 月 25 日、6 月 26 日连续三个交易日内日收盘价格涨幅偏离值累计达到 20%， 根据《上海证券交易所交易规则》的相关规定，属于股票交易异常波动情形。公 司特别提醒广大投资者注意二级市场交易风险，理性决策，审慎投资。 经公司自查并书面问询公司控股股东、实际控制人，截止本公告披露日， 不存在应披露而未披露的重大信息。 请广大投资者注意投资风险，理性决策，审慎投资。 一、股票交易异常波动的具体情况 公司股票于 2025 年 6 月 24 日、6 月 25 日、6 月 26 日连续三个交易日内日 收盘价格涨幅偏离值累计达到 20%，根据《上海证券交易所交易规则》的相关规 定，属于股票交易异常波动情形。 二、公司关注并核实的相关情况 根据上海证券交易所相关规定，公司 ...

关于对《南华期货股份有限公司股票交易 异常波动问询函》的回复 控股股 有限公司 关于对《南华期货股份有限公司股票交易 异常波动问询函》的回复 南华期货股份有限公司: 本会已于~305年 6 月 16日收到贵司发出的《南华期货股份有限 公司股票交易异常波动问询函》,经认真自查核实,现就相关情况回 复如下: 截至本函发出之时,作为南华期货股份有限公司(以下简称"南 华期货")的实际控制人,除贵公司已披露事项外,不存在影响南华 期货股票交易异常波动的重大事项,不存在其他涉及南华期货应披露 而未披露的重大信息,不存在股票交易异常波动期间买卖南华期货股 票的情形。 南华期货股份有限公司: 本公司于200年 6月24 日收到贵司发出的《南华期货股份有限 公司股票交易异常波动问询函》,经认真自查核实,现就相关情况回 复如下: 截至本函发出之时,作为南华期货股份有限公司(以下简称"南 华期货")的控股股东,除贵公司已披露事项外,不存在影响南华期 货股票交易异常波动的重大事项,不存在其他涉及南华期货应披露而 未披露的重大信息,不存在股票交易异常波动期间买卖南华期货股票 的情形。 特此回复 特此回复 实际控制人:东阳 k联合会 ...

智通财经6月26日电，南华期货(603093.SH)公告称，公司股票连续三个交易日内收盘价格涨幅偏离值累 计达到20%，属于股票交易异常波动情形。经自查，公司目前日常经营活动正常，主营业务未发生变 化，无影响股价的重大经营事项。此外，公司不存在应披露而未披露的重大信息，包括重大资产重组、 发行股份、上市公司收购等事项。公司提醒投资者注意二级市场交易风险，理性决策，审慎投资。 南华期货：生产经营正常 无重大未披露事项 ...

Report Overview - Report Title: Nanhua Futures Tin Risk Management Daily Report - Date: June 26, 2025 - Research Team: Nanhua Non - ferrous Metals Research Team [1] Industry Investment Rating - Not provided in the report Core View - The fundamentals of tin remain stable. There are both利多 factors such as the easing of Sino - US tariff policies, the semiconductor sector being in an expansion cycle, and Myanmar's production resumption falling short of expectations, and利空 factors including the recurrence of tariff policies, Myanmar's production resumption, and the semiconductor sector's slowdown in expansion and transition to a contraction cycle [3][4][5][6] Key Points by Category 1. Tin Price Volatility and Risk Management - The latest closing price of tin is 263,000 yuan/ton, with a monthly price range forecast of 245,000 - 263,000 yuan/ton. The current volatility is 21.40%, and the historical percentile of the current volatility is 56.9% [2] - For inventory management with high finished - product inventory and concerns about price drops, it is recommended to sell short the main Shanghai tin futures contract at around 290,000 yuan/ton with a 100% hedging ratio and sell the call option SN2508C275000 with a 25% hedging ratio when the volatility is appropriate [2] - For raw material management with low raw - material inventory and concerns about price increases, it is recommended to buy long the main Shanghai tin futures contract at around 230,000 yuan/ton with a 50% hedging ratio and sell the put option SN2508P245000 with a 25% hedging ratio when the volatility is appropriate [2] 2. News and Factors - The fundamentals of tin remain stable [3] -利多 factors: easing of Sino - US tariff policies, the semiconductor sector in an expansion cycle, and Myanmar's production resumption falling short of expectations [4] -利空 factors: recurrence of tariff policies, Myanmar's production resumption, and the semiconductor sector's slowdown in expansion and transition to a contraction cycle [5][6] 3. Tin Futures and Spot Data Futures Data (Daily) - The latest price of the main Shanghai tin futures contract is 263,000 yuan/ton, with no daily change. The price of Shanghai tin continuous - one is 263,140 yuan/ton, and Shanghai tin continuous - three is 262,950 yuan/ton, both with no daily change. The price of LME tin 3M is 32,460 US dollars/ton, down 110 US dollars (- 0.34%). The Shanghai - London ratio is 8.04, down 0.01 (- 0.12%) [6] Spot Data (Weekly) - The price of Shanghai Non - ferrous tin ingots is 262,100 yuan/ton, down 2,200 yuan (- 0.83%). The 1 tin premium is 700 yuan/ton with no change. The price of 40% tin concentrate is 250,100 yuan/ton, down 2,200 yuan (- 0.87%), and the price of 60% tin concentrate is 254,100 yuan/ton, down 2,200 yuan (- 0.86%). The price of solder bar (60A) is 170,750 yuan/ton, down 1,000 yuan (- 0.58%), the price of solder bar (63A) is 177,750 yuan/ton, down 1,500 yuan (- 0.84%), and the price of lead - free solder is 268,250 yuan/ton, down 2,000 yuan (- 0.74%) [10][13] 4. Tin Import and Processing - The tin import profit and loss is - 12,717.24 yuan/ton, up 25.63% compared to the previous day. The 40% tin ore processing fee is 12,200 yuan/ton with no change, and the 60% tin ore processing fee is 10,550 yuan/ton with no change [15] 5. Tin Inventory - The total warehouse receipt quantity of tin in the Shanghai Futures Exchange is 6,472 tons, up 10 tons (0.15%). The warehouse receipt quantity in Guangdong is 4,117 tons, up 8 tons (0.19%), and in Shanghai is 1,430 tons, up 2 tons (0.14%). The total LME tin inventory is 2,155 tons, down 25 tons (- 1.15%) [20]

Report Overview - Report Name: Nanhua Futures Copper Risk Management Daily Report - Date: June 26, 2025 - Research Team: Nanhua Non - ferrous Metals Research Team [1] 1. Copper Price and Volatility - Latest copper price: 78,810 yuan/ton, with a monthly price range forecast of 73,000 - 80,000 yuan/ton. The current volatility is 8.58%, and the current volatility historical percentile is 6.7% [2] 2. Copper Risk Management Suggestions Inventory Management - For high finished - product inventory and fear of price decline: - Strategy: Short 75% of the Shanghai Copper main futures contract at around 82,000 yuan/ton, and sell 25% of call options (CU2508C80000) when volatility is relatively stable [2] Raw Material Management - For low raw - material inventory and fear of price increase: - Strategy: Long 75% of the Shanghai Copper main futures contract at around 75,000 yuan/ton [2] 3. Important News and Factors - Fundamental situation: Stable [3] 利多因素 - Sino - US tariff policy easing, lower inventory levels, and the US dollar index hovering at a low level [4] 利空因素 - Tariff policy reversals, reduced global demand due to tariff policies, and the Fed maintaining high interest rates [5][6] 4. Copper Futures and Spot Data Futures Data (Daily) | Variety | Unit | Latest Price | Daily Change | Daily Change Rate | | --- | --- | --- | --- | --- | | Shanghai Copper Main | yuan/ton | 78,810 | 0 | 0% | | Shanghai Copper Continuous 1 | yuan/ton | 78,680 | 200 | 0.25% | | Shanghai Copper Continuous 3 | yuan/ton | 78,270 | 0 | 0% | | LME Copper 3M | US dollars/ton | 9,664 | - 30.5 | - 0.31% | | Shanghai - London Ratio | Ratio | 7.9 | - 0.06 | - 0.75% | [6] Spot Data (Daily) | Variety | Unit | Latest Price | Daily Change | Daily Change Rate | | --- | --- | --- | --- | --- | | Shanghai Non - ferrous 1 Copper | yuan/ton | 78,580 | 165 | 0.21% | | Shanghai Wumaotrade | yuan/ton | 78,560 | 140 | 0.18% | | Guangdong Nanchu | yuan/ton | 78,590 | 160 | 0.2% | | Yangtze Non - ferrous | yuan/ton | 78,740 | 160 | 0.2% | | Shanghai Non - ferrous Premium/Discount | yuan/ton | 30 | - 10 | - 25% | | Shanghai Wumaotrade Premium/Discount | yuan/ton | - 20 | - 40 | - 200% | | Guangdong Nanchu Premium/Discount | yuan/ton | 25 | - 5 | - 16.67% | | Yangtze Non - ferrous Premium/Discount | yuan/ton | 70 | - 15 | - 17.65% | [7] 5. Copper Scrap - Refined Spread Tax - included - Current scrap - refined spread: 1,099.57 yuan/ton, daily change 80 yuan, daily change rate 7.85% - Reasonable scrap - refined spread: 1,484.4 yuan/ton, daily change 0.8 yuan, daily change rate 0.05% - Price advantage: - 384.83 yuan/ton, daily change 79.2 yuan, daily change rate - 17.07% Tax - excluded - Current scrap - refined spread: 5,740 yuan/ton, daily change 80 yuan, daily change rate 1.41% - Reasonable scrap - refined spread: 6,143.74 yuan/ton, daily change 5.56 yuan, daily change rate 0.09% - Price advantage: - 403.74 yuan/ton, daily change 74.44 yuan, daily change rate - 15.57% [9] 6. Copper Warehouse Receipts and Inventory SHFE Copper Warehouse Receipts (Daily) | Variety | Unit | Latest Price | Daily Change | Daily Change Rate | | --- | --- | --- | --- | --- | | Total SHFE Copper Warehouse Receipts | tons | 21,470 | - 955 | - 4.26% | | Total International Copper Warehouse Receipts | tons | 1,903 | 0 | 0% | | Shanghai SHFE Copper Warehouse Receipts | tons | 14,033 | - 904 | - 6.05% | | Total Bonded SHFE Copper Warehouse Receipts | tons | 0 | 0 | - 100% | | Total Tax - paid SHFE Copper Warehouse Receipts | tons | 21,470 | - 955 | - 4.26% | [12] LME Copper Inventory (Daily) | Variety | Unit | Latest Price | Change | Change Rate | | --- | --- | --- | --- | --- | | Total LME Copper Inventory | tons | 93,475 | - 1,200 | - 1.27% | | European LME Copper Inventory | tons | 36,525 | - 825 | - 2.21% | | Asian LME Copper Inventory | tons | 58,150 | - 375 | - 0.64% | | North American LME Copper Inventory | tons | 0 | 0 | - 100% | | Total LME Copper Registered Warehouse Receipts | tons | 56,250 | 1,725 | 3.16% | | Total LME Copper Cancelled Warehouse Receipts | tons | 37,225 | - 2,925 | - 7.29% | [14] COMEX Copper Inventory (Weekly) | Variety | Unit | Latest Price | Weekly Change | Weekly Change Rate | | --- | --- | --- | --- | --- | | Total COMEX Copper Inventory | tons | 204,316 | 6,955 | 3.52% | | Total COMEX Copper Registered Warehouse Receipts | tons | 98,357 | - 11,008 | - 0.89% | | Total COMEX Copper Cancelled Warehouse Receipts | tons | 105,959 | 1,865 | 1.79% | [16] 7. Copper Import Profit and Processing | Variety | Unit | Latest Price | Daily Change | Daily Change Rate | | --- | --- | --- | --- | --- | | Copper Import Profit/Loss | yuan/ton | - 2,522.29 | - 1,315.91 | 109.08% | | Copper Concentrate TC | US dollars/ton | - 43.8 | 0 | 0% | [17]