沪锡期货日报-20250731

Report Overview - Report Date: July 28, 2025 - Research Variety: Shanghai Tin Futures - Researcher: Cao Baiquan - Report Source: Wave Futures Daily [1] 1. Investment Rating - There is no investment rating provided in the report. 2. Core View - The price of the Shanghai Tin main contract is expected to fluctuate within a range in the short - term due to the continued tight supply of tin ore in the domestic market and weak overall demand during the consumption off - season [7]. 3. Summary by Directory 3.1 Futures Market 3.1.1 Contract Market - The opening price of the Shanghai Tin main contract 2508 was 271,350 yuan/ton, reaching an intraday high of 272,000 yuan/ton and a low of 266,800 yuan/ton. It closed at 267,700 yuan/ton, down 1.27% from the previous day. The daily settlement price was 268,550 yuan/ton, with a trading volume of 36,620 lots and an open interest of 6,528 lots [2]. 3.1.2 Variety Price - Presented price information for multiple Shanghai Tin futures contracts, including the latest price, price change, trading volume, etc. For example, the latest price of the Shanghai Tin main contract was 267,880 yuan/ton, down 3,430 yuan [5]. 3.2 Influencing Factors - On the industrial side, the tight supply of tin ore and low LME tin ingot inventory support prices. However, the expected acceleration of the resumption of tin ore supply in Myanmar and weak demand limit the ability to accept high prices. Last week, tin ingot inventory increased significantly by 230 tons to 9,958 tons [6]. 3.3 Market Outlook - In the short - term, although there is an expectation of the resumption of tin mines in Wa State, Myanmar, the actual output release still takes time, and the shortage of raw materials for domestic smelters is difficult to fundamentally change. The demand side is still in the consumption off - season with weak overall demand. The price of the Shanghai Tin main contract is expected to fluctuate within a range [7].