Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-10-13 09:05Report Information - Report Title: Shanghai Tin Industry Daily Report 2025-10-13 [2] - Report Date: 2025-10-13 [2] - Researcher: Chen Sijia [3] - Futures Practitioner Qualification Certificate: F03118799 [3] - Futures Investment Consulting Practitioner Certificate Number: Z0022803 [3] Industry Investment Rating - Not provided Core Viewpoints - Macro aspect: On October 10th, the US announced a 100% tariff on China in response to China's export controls on rare earths and other related items, and imposed export controls on all key software [3]. - Fundamental aspect: Indonesian President Prabowo ordered the closure of 1,000 illegal tin mines in Bangka Belitung, which may exacerbate the tight supply of tin ore. The import volume of tin ore from Myanmar has rebounded, and there are signs of short - term supply improvement, but tin ore processing fees remain at historical lows [3]. - Smelting end: The raw material shortage in Yunnan is still severe, and the scrap recycling system in Jiangxi is under pressure with low operating rates [3]. - Demand end: The sharp rise in tin prices has suppressed spot transactions. Most downstream enterprises are in a wait - and - see state, and traders tend to sell at high prices, leading to limited overall transactions [3]. - Technical aspect: With the reduction of positions and the decline of prices, attention should be paid to the 275,000 yuan/ton support level. It is recommended to wait and see or buy on dips in the range of 275,000 - 290,000 yuan/ton [3] Summary by Directory Futures Market - The closing price of the main futures contract of Shanghai tin is 282,110 yuan/ton, down 4,240 yuan; the closing price of the October - November contract is down 180 yuan to 370 yuan [3]. - The price of LME 3 - month tin is 35,350 US dollars/ton, down 1,470 US dollars; the main contract position of Shanghai tin is 30,938 lots, down 3,722 lots [3]. - The net position of the top 20 futures of Shanghai tin is - 428 lots, an increase of 259 lots; the total inventory of LME tin is 2,410 tons, an increase of 20 tons [3]. - The inventory of Shanghai Futures Exchange is 5,879 tons, down 550 tons; the cancelled warrants of LME tin are 240 tons, an increase of 5 tons [3]. 现货市场 - The warehouse receipts of tin in the Shanghai Futures Exchange are 5,745 tons, down 64 tons [3]. - The SMM 1 tin spot price is 282,400 yuan/ton, down 5,000 yuan; the Yangtze River Non - ferrous Market 1 tin spot price is 282,820 yuan/ton, down 6,010 yuan [3]. - The basis of the main contract of Shanghai tin is 290 yuan/ton, down 760 yuan; the LME tin premium (0 - 3) is - 61.99 US dollars/ton, down 4.99 US dollars [3]. Upstream Situation - The import volume of tin ore and concentrates is 10,300 tons, with no change; the average price of 40% tin concentrate processing fees is 10,500 yuan/ton, with no change [3]. - The average price of 40% tin concentrate is 270,400 yuan/ton, down 5,000 yuan; the average price of 60% tin concentrate is 274,400 yuan/ton, down 5,000 yuan [3]. - The average price of 60% tin concentrate processing fees is 6,500 yuan/ton, with no change [3]. Industry Situation - The monthly output of refined tin is 14,000 tons, down 1,600 tons; the import volume of refined tin is 1,438.58 tons, down 885.91 tons [3]. Downstream Situation - The price of 60A solder bar in Gejiu is 182,630 yuan/ton, down 3,240 yuan [3]. - The cumulative output of tin - plated sheets (strips) is 964,500 tons, an increase of 141,600 tons; the export volume of tin - plated sheets is 166,600 tons, down 39,400 tons [3]. Industry News - On October 10th, the US announced a 100% tariff on China for export controls on rare earths and other items, and export controls on all key software. It will also levy port fees on relevant Chinese ships on October 14th [3]. - The list of candidates for the Fed Chairman has been narrowed to five, and BlackRock executive Rieder impressed Bessent [3]. - The Central Cyberspace Affairs Commission and the National Development and Reform Commission will deploy AI large models in the government affairs field in a coordinated and intensive manner [3]