Market Review - On Tuesday, the main contract for tin futures on the Shanghai Futures Exchange experienced narrow fluctuations during the day and closed higher at night, while London tin showed a strong oscillation trend [1] Fundamental Summary - As of August 26, the London Metal Exchange (LME) reported tin registered warehouse receipts of 1,625 tons and canceled receipts of 155 tons, an increase of 55 tons; total tin inventory stood at 1,780 tons, a decrease of 5 tons [2] - In the spot market, small brands were heard trading at a premium of around 300 yuan/ton for September, while "Yun" brands were at a premium of 300-600 yuan/ton, and "Yunxi" brands remained at a premium of 600-800 yuan/ton [2] - The Shanghai Futures Exchange reported tin warehouse receipts of 7,152 tons on August 26, an increase of 120 tons compared to the previous trading day [2] Institutional Perspectives - Hualian Futures noted a slight month-on-month increase in supply in July, with low tin ore imports; demand in the semiconductor and photovoltaic sectors remained strong, while traditional sectors showed marginal decline, with expectations of rigid demand in August [4] - Social inventory saw a slight week-on-week increase last week; the National Energy Administration reported that total electricity consumption in July surpassed 1 trillion kilowatt-hours, reaching 1.02 trillion kilowatt-hours, a year-on-year increase of 8.6% [4] - The recent speech by the Federal Reserve Chairman at the Jackson Hole Economic Symposium indicated a shift in risk balance, suggesting potential adjustments in policy stance due to rising downside risks in employment [4] - Nanhua Futures highlighted that the continuous decline in social inventory of tin ingots over the past two weeks may provide upward momentum for tin prices, with demand from soldering material enterprises remaining stable as long as prices do not exceed 270,000 yuan per ton [5] - The overall market outlook is expected to remain oscillatory [5]
政策处于紧缩区域 沪锡期货偏强震荡
Jin Tou Wang·2025-08-27 07:38