Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The Shanghai Tin main contract 2507 showed a weak oscillating trend today. Despite a slight price increase, the decrease in trading volume and open interest, along with the outflow of funds, indicate that market trading is becoming lighter and short - selling power is strengthening. It is expected that the Shanghai Tin main contract 2507 will continue to maintain an oscillating pattern [11]. 3. Summary by Relevant Catalogs 1. Market Overview and Market Review - 1.1 Daily Market Overall Performance - The Shanghai Tin main contract 2507 showed a weak oscillating trend on June 25, 2025. The opening price was 263,200 yuan/ton, the highest was 263,800 yuan/ton, the lowest was 261,900 yuan/ton, and the closing price was 263,800 yuan/ton, with a settlement price of 262,150 yuan/ton. The contract price tried to rise in the afternoon but failed to break through the resistance level of 264,000 yuan/ton and then gradually declined. The trading volume was 54,700 lots, a decrease from the previous trading day, indicating a slight decline in market trading activity. The open interest at the close was 13,100 lots [2]. - 1.2 Futures Market Data - The latest price of the Shanghai Tin main contract (snm) was 263,000 yuan, with a decrease of 190 yuan and a decline rate of 0.07%. Other contracts such as the Shanghai Tin weighted (sni), Shanghai Tin 2512 (sn2512), etc., also had different price changes [6]. 2. Analysis of Influencing Factors - 2.1 Macroeconomic Policy - The cease - fire agreement between Israel and Iran came into effect, reducing market risk - aversion sentiment and improving risk preference, which provided some support for commodity prices including tin [8]. - 2.2 Tracking and Interpretation of Related Data - Supply Side: Tin ore supply in production areas such as Yunnan is tightening. Some smelting enterprises are considering shutdown for maintenance or slight production cuts in June. The resumption of tin mines in Myanmar's Wa State is slow, and the transportation of tin mines from southern Myanmar through Thailand is blocked. It is expected that the domestic tin ore imports in June will decrease by 500 - 1,000 tons, and the short - term supply shortage of domestic tin ore is obvious, which supports the tin price [9]. - Demand Side: Terminal enterprises have entered the seasonal off - season. Orders for consumer electronics and automotive electronics are growing weakly, and the photovoltaic production schedule in June is declining month - on - month. As the tin price rebounds to around 260,000 yuan/ton, the downstream purchasing willingness has significantly weakened, generally adopting a "small - batch, multi - batch" purchasing strategy, which restrains the rise of tin price [10].
沪锡期货日报-20250627
Guo Jin Qi Huo·2025-06-27 01:06