锡：宏观环境带动上行

Group 1: Report Title and Date - The report is titled "Tin: Upward Movement Driven by Macroeconomic Environment" and was released on July 2, 2025 [1] Group 2: Analysts' Information - The analysts are Wang Rong (Investment Consulting Qualification No.: Z0002529, Email: wangrong013179@gtjas.com) and Liu Yuxuan (Investment Consulting Qualification No.: Z0020476, Email: liuyuxuan023982@gtjas.com) [2] Group 3: Tin Fundamental Data Futures and Electronic Disk - The closing price of the Shanghai Tin main contract yesterday was 269,840, with a daily increase of 0.65%, and the night - session closing price was 269,840, with a night - session increase of 0.63%. The trading volume was 70,070, a decrease of 14,968 from the previous day, and the open interest was 31,494, an increase of 10 from the previous day. The inventory was 6,766, an increase of 16 from the previous day [2] - The closing price of the LME Tin 3M electronic disk was 33,750, with a daily increase of 0.55%. The trading volume was 180, a decrease of 9 from the previous day, and the open interest was 13,988, an increase of 53 from the previous day. The inventory was 2,220, an increase of 45 from the previous day, and the注销仓单 ratio was 6.57%, a decrease of 0.38% from the previous day [2] Spot and Price Differences - The SMM 1 tin ingot price was 266,500, a decrease of 700 from the previous day; the Yangtze River Non - ferrous 1 tin average price was 266,900, a decrease of 1,000 from the previous day. The LME Tin (spot/three - month) spread was 128, an increase of 7 from the previous day [2] - The spread between the nearby contract and the consecutive first contract was 73,930, unchanged from the previous day; the spread between the spot and the futures main contract was - 1,210, a decrease of 240 from the previous day [2] Industry Chain Key Price Data - The price of 40% tin concentrate (Yunnan) was 254,500, a decrease of 700 from the previous day; the price of 60% tin concentrate (Guangxi) was 258,500, a decrease of 700 from the previous day [2] - The price of 63A solder bar was 180,750, a decrease of 500 from the previous day; the price of 60A solder bar was 173,250, a decrease of 500 from the previous day [2] Group 4: Macro and Industry News - The EU is willing to accept a 10% tariff rate on multiple commodities from the US but hopes to exclude key industries [3] - Canada has conceded and cancelled the digital services tax. The US and Canada will resume trade negotiations to reach an agreement by July 21 [3] - US Treasury Secretary Besent said there is no intention to increase the proportion of long - term US Treasury bond issuance; stablecoin legislation may be introduced in mid - July [3] - Trump has expanded his targets of attack, criticizing the Federal Reserve Board including Powell; the White House said Trump wrote to the Federal Reserve on Monday, mentioning global interest rates [3] - China's official manufacturing PMI in June rose for two consecutive months to 49.7, the new order index returned to the expansion range, and the non - manufacturing sector continued to expand [3] Group 5: Trend Intensity - The trend intensity of tin is 0, with the range of trend intensity being integers in the [- 2,2] interval. - 2 means the most bearish, and 2 means the most bullish [3][4]