Group 1 - LME inventory has decreased significantly from approximately 4,800 tons at the beginning of the year to 1,690 tons, representing a cumulative reduction of 65%, reaching a near two-year low [1] - The low inventory levels have increased the risk of short selling in LME tin, with a major holder owning 50-79% of the warehouse receipts, and concentrated long positions in the near term [1] - The LME 0-3 spot premium has expanded significantly, leading to a substantial increase in night trading for LME tin, which in turn has driven up domestic tin prices [1] Group 2 - China's tin ingot imports saw a slight decline in June, while exports increased, with the overall import level expected to decrease due to a persistently closed import window and low profit margins [2] - The domestic supply of refined tin is under pressure, with expectations of substantial outflows of tin ore in Q4 due to the reopening of mining operations in Myanmar [2] - The consumption side is facing challenges, particularly in the photovoltaic sector, which is suppressing solder demand, and the electronics and automotive electronics sectors are entering a seasonal downturn, leading to weak order growth [2]
伦锡库存持续去库 沪锡偏强震荡【7月24日SHFE市场收盘评论】
Wen Hua Cai Jing·2025-07-24 07:44