Report Summary 1. Investment Rating - No investment rating provided in the report. 2. Core View - Recently, the tin price has corrected, and the spot premium has rebounded to 600 yuan/ton, but the trading volume is light. Most downstream enterprises are waiting and watching at the current price, and the domestic inventory has increased slightly. However, overseas inventory continues to decline, the LME cancelled warrants have increased, and the premium has risen. The strong LME tin price has driven up the domestic price. Technically, the long - position has decreased, and attention should be paid to the adjustment at the 270,000 - yuan mark. It is recommended to wait and see for now, with a reference range of 266,000 - 272,000 yuan [3]. 3. Summary by Directory 3.1 Futures Market - The closing price of the main futures contract of Shanghai tin is 269,840 yuan/ton, up 1,730 yuan; the LME 3 - month tin price is 33,750 US dollars/ton, up 185 US dollars. The closing price of the August - September contract of Shanghai tin is 30 yuan/ton, up 50 yuan; the main contract position of Shanghai tin is 31,494 lots, up 10 lots. The net position of the top 20 futures is 75 lots, down 744 lots. The LME tin total inventory is 2,175 tons, unchanged; the Shanghai Futures Exchange inventory of tin is 6,955 tons, down 10 tons; the LME tin cancelled warrants are 650 tons, down 15 tons; the Shanghai Futures Exchange warehouse receipts of tin are 6,766 tons, up 16 tons [3]. 3.2 Spot Market - The SMM 1 tin spot price is 266,500 yuan/ton, down 700 yuan; the Yangtze River Non - ferrous Market 1 tin spot price is 266,790 yuan/ton, down 970 yuan. The basis of the Shanghai tin main contract is - 910 yuan/ton, down 1,040 yuan; the LME tin premium (0 - 3) is 127.5 US dollars/ton, up 7.49 US dollars [3]. 3.3 Upstream Situation - The import volume of tin ore and concentrates is 12,100 tons, down 2,900 tons. The average price of 40% tin concentrate is 257,000 yuan/ton, up 5,700 yuan; the average price of 60% tin concentrate is 261,000 yuan/ton, up 5,700 yuan. The processing fee of 40% tin concentrate by Antaike is 10,500 yuan/ton, unchanged; the processing fee of 60% tin concentrate by Antaike is 6,500 yuan/ton, unchanged [3]. 3.4 Industry Situation - The monthly output of refined tin is 14,000 tons, down 1,600 tons; the monthly import volume of refined tin is 3,762.32 tons, up 143.24 tons [3]. 3.5 Downstream Situation - The price of 60A solder bar in Gejiu is 173,200 yuan/ton, down 430 yuan. The cumulative output of tin - plated sheets (strips) is 1.6014 million tons, up 144,500 tons; the monthly export volume of tin - plated sheets is 140,700 tons, down 33,900 tons [3]. 3.6 Industry News - China's official manufacturing PMI in June rose for two consecutive months to 49.7, and the new order index returned to the expansion range. The non - manufacturing sector continued to expand. The manufacturing purchasing manager index, non - manufacturing business activity index, and comprehensive PMI output index were 49.7%, 50.5%, and 50.7% respectively, up 0.2, 0.2, and 0.3 percentage points from the previous month. China's Caixin manufacturing PMI in June was 50.4, higher than the expected 49.3 and the previous value of 48.3. Trump stated that there is no need to extend the upcoming tariff deadline and will directly send letters to hundreds of countries to notify them of the tariff rates. The resumption progress of tin mines in Wa State, Myanmar, has great uncertainty, and Thailand has banned the transit of tin ore from Myanmar, restricting the import supply of tin ore. The Bisie mine in Congo plans to resume production in stages, and the current tin ore processing fee remains at a historical low [3]. 3.7 Key Concerns - On the smelting side, the Yunnan production area is facing a shortage of raw materials and cost pressure, and the waste recycling system in the Jiangxi production area is under pressure, with the operating rate remaining at a relatively low level. On the demand side, after the rush to install photovoltaic power plants, the operating rate of some producers has decreased, and the electronics industry has entered the off - season, with a strong wait - and - see sentiment. There is no news today [3].
瑞达期货沪锡产业日报-20250701