1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The strengthening of tin prices on Tuesday afternoon may be related to smelters' production cut expectations, but both macro and fundamental factors have limited impact. The US retail sales data for July met expectations. On the fundamental side, the repeated postponement of the full resumption of production in Myanmar's tin mines has been significantly supporting tin prices and may have a continuous impact. In the short term, tin prices may remain volatile, with a stable macro environment and room for speculation on supply - side topics [3] - There are both positive and negative factors affecting tin prices. Positive factors include the easing of Sino - US tariff policies, the semiconductor sector being in an expansion cycle, and Myanmar's production resumption falling short of expectations. Negative factors include the vacillation of tariff policies, the inflow of Myanmar's tin ore into China, and the semiconductor sector's slowdown in expansion and transition from an expansion to a contraction cycle [4][5] 3. Summary by Relevant Catalogs 3.1 Tin Price Volatility and Risk Management - The latest closing price of tin is 267,840 yuan/ton, with a monthly price range forecast of 245,000 - 263,000 yuan/ton. The current volatility is 14.36%, and the historical percentile of the current volatility is 26.1% [2] - For inventory management with high finished - product inventory and concerns about price drops, it is recommended to sell 75% of the Shanghai Tin main futures contract at around 275,000 yuan/ton and sell 25% of the SN2510C275000 call option when the volatility is appropriate. For raw material management with low raw - material inventory and concerns about price increases, it is recommended to buy 50% of the Shanghai Tin main futures contract at around 230,000 yuan/ton and sell 25% of the SN2510P245000 put option when the volatility is appropriate [2] 3.2 Tin Futures and Spot Data - **Futures data**: The latest prices of Shanghai Tin main, Shanghai Tin continuous one, and Shanghai Tin continuous three are 267,840 yuan/ton, 268,070 yuan/ton, and 268,350 yuan/ton respectively, all with a daily change of 0. The price of LME Tin 3M is 33,775 US dollars/ton, with a daily increase of 5 US dollars and a daily increase rate of 0.01%. The Shanghai - London ratio is 7.88, with a daily decrease of 0.04 and a daily decrease rate of 0.51% [6] - **Spot data**: The latest prices of Shanghai Non - ferrous tin ingots, 1 tin premium, 40% tin concentrate, 60% tin concentrate, 60A solder bar, 63A solder bar, and lead - free solder are 267,500 yuan/ton, 400 yuan/ton, 255,500 yuan/ton, 259,500 yuan/ton, 173,750 yuan/ton, 181,250 yuan/ton, and 273,250 yuan/ton respectively, with weekly decreases of 2,700 yuan/ton, 0 yuan/ton, 2,700 yuan/ton, 2,700 yuan/ton, 2,000 yuan/ton, 2,000 yuan/ton, and 3,500 yuan/ton respectively [10] 3.3 Tin Import and Processing - The latest tin import profit and loss is - 19,038.82 yuan/ton, with a daily increase of 793.9 yuan and a daily increase rate of 4.35%. The processing fees for 40% and 60% tin ore are 12,200 yuan/ton and 10,050 yuan/ton respectively, with no daily change [15] 3.4 Tin Inventory - The latest total warehouse receipt quantity of tin on the Shanghai Futures Exchange is 7,329 tons, with a daily decrease of 184 tons and a daily decrease rate of 2.45%. The warehouse receipt quantities in Guangdong and Shanghai are 5,090 tons and 1,376 tons respectively, with daily decreases of 142 tons and 36 tons and daily decrease rates of 2.71% and 2.55% respectively. The total LME tin inventory is 1,630 tons, with a daily decrease of 25 tons and a daily decrease rate of 1.51% [17]

1. Report Industry Investment Rating - No information regarding the report industry investment rating is provided in the given content. 2. Core View of the Report - The tin price rose slightly in the recent period and then declined. Both macro and fundamental factors have limited impact on it. The US retail sales data in July met expectations. The repeated postponement of the full resumption of tin mines in Myanmar has significantly supported the tin price and may have a continuous impact. In the short term, the tin price may continue to fluctuate, with a stable macro - environment and room for speculation on supply - side topics [3]. 3. Summary by Related Catalogs 3.1 Tin Price Volatility and Risk Management - The latest closing price of tin is 267,020 yuan/ton, with a monthly price range forecast of 245,000 - 263,000 yuan/ton. The current volatility is 14.36%, and the historical percentile of the current volatility is 26.1% [2]. - For inventory management with high finished - product inventory and concern about price decline, it is recommended to sell 75% of the Shanghai Tin main futures contract at around 275,000 yuan/ton and sell 25% of the SN2510C275000 call option when the volatility is appropriate. For raw material management with low raw - material inventory and concern about price increase, it is recommended to buy 50% of the Shanghai Tin main futures contract at around 230,000 yuan/ton and sell 25% of the SN2510P245000 put option when the volatility is appropriate [2]. 3.2 Influencing Factors - **Likely to be positive**: Sino - US tariff policy relief, the semiconductor sector still being in an expansion cycle, and the resumption of production in Myanmar falling short of expectations [4]. - **Likely to be negative**: The tariff policy being inconsistent, the inflow of Burmese tin ore into China, and the semiconductor sector's expansion slowing down and gradually moving from an expansion cycle to a contraction cycle [5]. 3.3 Tin Futures and Spot Data - **Futures data**: The latest prices of Shanghai Tin main, Shanghai Tin continuous one, and Shanghai Tin continuous three are 267,020 yuan/ton, 267,290 yuan/ton, and 267,400 yuan/ton respectively, with no daily change. The price of LME tin 3M is 33,670 US dollars/ton, up 60 US dollars or 0.18% daily. The Shanghai - London ratio is 7.91, down 0.15 or 1.86% [6]. - **Spot data**: The latest prices of Shanghai Non - ferrous tin ingots, 1 tin premium, 40% tin concentrate, 60% tin concentrate, 60A solder bar, 63A solder bar, and lead - free solder are 266,800 yuan/ton, 400 yuan/ton, 254,800 yuan/ton, 258,800 yuan/ton, 173,250 yuan/ton, 180,750 yuan/ton, and 272,750 yuan/ton respectively. Their weekly changes are - 1,200 yuan/ton, 0 yuan/ton, - 1,200 yuan/ton, - 1,200 yuan/ton, - 500 yuan/ton, - 1,000 yuan/ton, and - 1,500 yuan/ton respectively [12]. 3.4 Tin Import and Processing - The latest tin import profit and loss is - 17,389.53 yuan/ton, with a daily increase of 7.6%. The 40% and 60% tin ore processing fees are 12,200 yuan/ton and 10,050 yuan/ton respectively, with no daily change [14]. 3.5 Tin Inventory - The total warehouse receipt quantity of tin in the Shanghai Futures Exchange is 7,587 tons, an increase of 161 tons or 2.17% daily. The warehouse receipt quantity of tin in Guangdong is 5,230 tons, an increase of 267 tons or 5.38% daily, and in Shanghai is 1,486 tons, a decrease of 106 tons or - 6.66% daily. The total LME tin inventory is 1,655 tons, with no daily change [17].

Report Overview - Report Name: Nanhua Futures Tin Risk Management Daily Report - Date: August 18, 2025 - Research Team: Nanhua Non-ferrous Metals Research Team [1] Investment Rating - No investment rating for the industry is provided in the report. Core Viewpoints - Tin prices declined slightly on Thursday, fluctuating with the non-ferrous metals sector. Recently, macro factors have had limited impact. On the supply side, the repeated postponement of the full resumption of production in Myanmar's tin mines has significantly supported tin prices and may have a continuous impact. According to Alphamin's financial report, the impact of the production cut at the Bisie tin mine exceeded expectations, driving up short-term tin prices. There has been no significant change in demand [3]. Summary by Category Price and Volatility - The latest closing price of tin is 266,820 yuan/ton, with a monthly price range forecast of 245,000 - 263,000 yuan/ton. The current volatility is 14.36%, and the historical percentile of the current volatility is 26.1% [2]. Risk Management Recommendations - **Inventory Management**: For high finished product inventory and concerns about price drops, sell 75% of the Shanghai Tin main futures contract at around 275,000 yuan/ton and sell 25% of the SN2510C275000 call option when the volatility is appropriate [2]. - **Raw Material Management**: For low raw material inventory and concerns about price increases, buy 50% of the Shanghai Tin main futures contract at around 230,000 yuan/ton and sell 25% of the SN2510P245000 put option when the volatility is appropriate [2]. Market Factors - **Likely Positive Factors**: Sino-US tariff policy easing, the semiconductor sector remaining in the expansion cycle, and the resumption of production in Myanmar falling short of expectations [7]. - **Likely Negative Factors**: Repeated tariff policies, the inflow of Myanmar's tin mines into China, and the slowdown of the semiconductor sector's expansion speed, gradually moving from the expansion cycle to the contraction cycle [5]. Futures and Spot Data - **Futures Data**: The latest prices of Shanghai Tin main, continuous first, and continuous third contracts are 266,820 yuan/ton, 266,820 yuan/ton, and 267,360 yuan/ton respectively, with no daily change. The LME tin 3M price is 33,610 US dollars/ton, up 175 US dollars or 0.52% daily. The Shanghai-London ratio is 8.06, up 0.04 or 0.5% [6]. - **Spot Data**: The latest prices of Shanghai Nonferrous tin ingots, 1 tin premium, 40% tin concentrate, 60% tin concentrate, solder bars (60A and 63A), and lead-free solder have weekly declines ranging from -0.58% to -0.78% [13]. Import and Processing Data - The latest tin import profit and loss is -16,161.2 yuan/ton, down 2.1% daily. The processing fees for 40% and 60% tin ore remain unchanged [15]. Inventory Data - The latest total warehouse receipt quantity of tin in the Shanghai Futures Exchange is 7,426 tons, up 0.05% daily. The LME tin inventory is 1,830 tons, up 2.81% daily [17].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View - Tin prices declined slightly on Thursday, fluctuating with the non - ferrous metals sector. Recently, the macro - environment has limited impact on tin prices. The repeated delay of the full resumption of tin mines in Myanmar has significantly supported tin prices and may have a continuous impact. According to Alphamin's financial report, the production cut at the Bisie tin mine has exceeded expectations, pushing up short - term tin prices. There has been no significant change in demand [3]. 3. Summary by Relevant Content 3.1 Price and Volatility - The latest closing price of tin is 267,420 yuan/ton, with a monthly price range forecast of 245,000 - 263,000 yuan/ton. The current volatility is 14.36%, and the historical percentile of the current volatility is 26.1% [2]. - In the tin futures market, the latest prices of沪锡主力,沪锡连一 are 267,420 yuan/ton,沪锡连三 is 267,820 yuan/ton,伦锡3M is 33,435 dollars/ton (down 0.79% daily), and the沪伦比 is 8.02 (up 0.12% daily) [6]. 3.2 Risk Management Recommendations - **Inventory Management**: For high finished - product inventory and fear of price drops, it is recommended to sell 75% of the main Shanghai tin futures contracts at around 275,000 yuan/ton and sell 25% of the SN2510C275000 call options when volatility is appropriate [2]. - **Raw Material Management**: For low raw - material inventory and fear of price increases, it is recommended to buy 50% of the main Shanghai tin futures contracts at around 230,000 yuan/ton and sell 25% of the SN2510P245000 put options when volatility is appropriate [2]. 3.3 Factors Affecting Prices - **Likely Positive Factors**: Sino - US tariff policy easing, the semiconductor sector remaining in the expansion cycle, and the resumption of production in Myanmar falling short of expectations [7]. - **Likely Negative Factors**: Repeated tariff policies, the inflow of Burmese tin ore into China, and the slowdown of the semiconductor sector's expansion and its transition from an expansion cycle to a contraction cycle [5]. 3.4 Spot and Inventory Data - **Spot Data**: The latest price of Shanghai Non - Ferrous tin ingots is 269,500 yuan/ton (up 0.86% weekly), 1 tin premium is 300 yuan/ton (down 25% weekly), 40% tin concentrate is 257,500 yuan/ton (up 0.9% weekly), 60% tin concentrate is 261,500 yuan/ton (up 0.89% weekly), etc. [12]. - **Inventory Data**: The total warehouse receipts of tin in the Shanghai Futures Exchange are 7,422 tons (down 0.11% daily), in Guangdong are 4,881 tons (down 0.49% daily), in Shanghai are 1,670 tons (up 0.97% daily), and the total LME tin inventory is 1,780 tons (up 0.85% daily) [20].

Report Information - Report Title: Nanhua Futures Tin Risk Management Daily Report - Date: August 14, 2025 - Research Team: Nanhua Non - ferrous Metals Research Team [1] Investment Rating - Not provided in the report Core View - Tin prices declined slightly on Wednesday, with limited macro influence. On the supply side, the repeated postponement of the full resumption of production in Myanmar's tin mines has significantly supported tin prices and may have a continuous impact. The unexpected impact of the production cut at Bisie tin mine in Alphamin's financial report has pushed up short - term tin prices. There is no significant change in demand [3] Summary by Section 1. Tin Price Volatility and Risk Management - **Tin Price Volatility**: The latest closing price is 269,820 yuan/ton, the monthly price range forecast is 245,000 - 263,000 yuan/ton, the current volatility is 14.36%, and the current volatility's historical percentile is 26.1% [2] - **Risk Management Suggestions**: - **Inventory Management**: For high - level finished product inventory worried about price drops, it is recommended to sell 75% of Shanghai Tin main futures contracts at around 275,000 yuan/ton and sell 25% of SN2510C275000 call options when volatility is appropriate [2] - **Raw Material Management**: For low - level raw material inventory worried about price increases, it is recommended to buy 50% of Shanghai Tin main futures contracts at around 230,000 yuan/ton and sell 25% of SN2510P245000 put options when volatility is appropriate [2] 2. Factors Affecting Tin Prices - **Lidofactors**: Sino - US tariff policy easing, the semiconductor sector still in the expansion cycle, and Myanmar's resumption of production falling short of expectations [7] - **Negative Factors**: Repeated tariff policies, the inflow of Myanmar's tin mines into China, and the slowdown of the semiconductor sector's expansion speed and shift from the expansion cycle to the contraction cycle [5] 3. Tin Futures Market Data - **Daily Futures Data**: - **Shanghai Tin**: The main contract, continuous - one contract, and continuous - three contract prices are 269,820 yuan/ton, 269,820 yuan/ton, and 269,950 yuan/ton respectively, with no daily change [6] - **LME Tin 3M**: The price is 33,700 US dollars/ton, down 70 US dollars (- 0.21%) [6] - **Shanghai - London Ratio**: The ratio is 7.95, down 0.03 (- 0.38%) [6] 4. Tin Spot Market Data - **Weekly Spot Data**: The prices of Shanghai Non - ferrous tin ingots, 1 tin premium, 40% and 60% tin concentrates, and various types of solder bars have increased to varying degrees [14] 5. Tin Import and Processing Data - **Daily Import and Processing Data**: The tin import profit and loss is - 15,720.3 yuan/ton, down 5.17% with a daily increase of 856.65 yuan. The processing fees for 40% and 60% tin ores remain unchanged [17] 6. Tin Inventory Data - **Daily Inventory Data**: The total warehouse receipt quantity of tin in SHFE is 7,430 tons, up 0.45% (33 tons). The LME tin inventory is 1,765 tons, up 0.86% (15 tons) [20]

Report Overview - The report is the Nanhua Futures Tin Risk Management Daily Report dated August 13, 2025, prepared by Nanhua's non-ferrous metals research team [1] Investment Rating - No investment rating for the industry is provided in the report Core View - Tin prices were slightly stronger on Tuesday, with limited macro influence. On the supply side, the repeated postponement of the full resumption of production in Myanmar's tin mines has significantly supported tin prices and may have a continuous impact. According to Alphamin's financial report, the impact of the production cut at the Bisie tin mine exceeded expectations, pushing up short - term tin prices. There were no significant changes in demand [3] Key Data Summary Price and Volatility - The latest closing price of tin is 270,200 yuan/ton, with a monthly price range forecast of 245,000 - 263,000 yuan/ton. The current volatility is 14.36%, and the historical percentile of the current volatility is 26.1% [2] Futures and Spot Data - **Futures**: The latest prices of Shanghai Tin Main, Shanghai Tin Continuous 1, and Shanghai Tin Continuous 3 are all around 270,200 yuan/ton, with no daily change. LME Tin 3M is at 33,770 US dollars/ton, up 55 US dollars (0.16%) daily. The Shanghai - London ratio is 7.95, down 0.03 (-0.38%) [6] - **Spot**: The Shanghai Non - Ferrous tin ingot is at 270,600 yuan/ton, up 3,600 yuan (1.35%) weekly. Other spot products such as 1 tin premium, 40% and 60% tin concentrates, and various types of solder bars also showed price increases in the weekly data [12] Import and Processing Data - The tin import profit and loss is - 15,720.3 yuan/ton, down 856.65 yuan (-5.17%) daily. The 40% and 60% tin ore processing fees are 12,200 yuan/ton and 10,050 yuan/ton respectively, with no daily change [16] Inventory Data - **Shanghai Futures Exchange**: The total tin warehouse receipts are 7,397 tons, up 71 tons (0.97%) daily. The warehouse receipts in Guangdong and Shanghai are 4,911 tons (up 64 tons, 1.32%) and 1,615 tons (up 7 tons, 0.44%) respectively [20] - **LME**: The total LME tin inventory is 1,750 tons, up 40 tons (2.34%) [20] Risk Management Recommendations Inventory Management - For high finished - product inventory and concerns about price drops, the strategy is to sell 75% of the Shanghai Tin Main futures contract at around 275,000 yuan/ton and sell 25% of the SN2510C275000 call option when the volatility is appropriate [2] Raw Material Management - For low raw - material inventory and concerns about price increases, the strategy is to buy 50% of the Shanghai Tin Main futures contract at around 230,000 yuan/ton and sell 25% of the SN2510P245000 put option when the volatility is appropriate [2] Influencing Factors Bullish Factors - Sino - US tariff policy easing, the semiconductor sector still being in the expansion cycle, and the resumption of production in Myanmar falling short of expectations [7] Bearish Factors - Repeated tariff policies, the inflow of Myanmar's tin ore into China, and the slowdown of the semiconductor sector's expansion speed and its transition from the expansion cycle to the contraction cycle [5]

南华期货锡风险管理日报 2025年8月12日 南华有色金属研究团队 肖宇非 投资咨询证号：Z0018441 投资咨询业务资格：证监许可【2011】1290号 锡价格波动率（日度） | 最新收盘价 | 价格区间预测（月度） | 当前波动率 | 当前波动率历史百分位 | | --- | --- | --- | --- | | 268380 | 245000-263000 | 14.36% | 26.1% | source： 同花顺,南华研究 锡风险管理建议（日度） | 行为导向 | 情景分析 | 现货敞口 | 策略推荐 | 套保工具 | 买卖方向 | 套保比例 | 建议入场区间 | | --- | --- | --- | --- | --- | --- | --- | --- | | 库存管理 | 产成品库存偏高，担心价格下跌 | 多 | 做空沪锡主力期货合约 | 沪锡主力期货合约 | 卖出 | 75% | 275000附近 | | | | | 卖出看涨期权 | SN2510C275000 | 卖出 | 25% | 波动率合适时 | | 原料管理 | 原料库存较低，担心价格上涨 | 空 | 做多沪锡主力期货合约 ...

Report Overview - Report Name: Nanhua Futures Tin Risk Management Daily Report - Date: August 8, 2025 - Research Team: Nanhua Non - ferrous Metals Research Team [1] Investment Rating - No investment rating information is provided in the report. Core View - Tin prices showed a slight increase on Thursday, indicating strong resilience. Supply - side issues are not easily resolved, and there are uncertainties in Myanmar's resumption of production. If the delay persists, tin prices may continue to rise slightly. The impact of weak demand on tin prices has not been fully reflected [3] Key Points by Category 1. Price and Volatility - The latest closing price of tin is 267,940 yuan/ton, with a monthly price range forecast of 245,000 - 263,000 yuan/ton. The current volatility is 14.36%, and the historical percentile of the current volatility is 26.1% [2] - On the tin futures market, the prices of Shanghai Tin Main, Shanghai Tin Continuous 1, and Shanghai Tin Continuous 3 remained unchanged at 267,940 yuan/ton, 267,940 yuan/ton, and 268,250 yuan/ton respectively. The price of LME Tin 3M was 33,835 US dollars/ton, up 605 US dollars or 1.82%. The Shanghai - London ratio was 8.02, unchanged [7] 2. Risk Management Suggestions Inventory Management - For high finished - product inventory and concerns about price drops, with a long spot position, it is recommended to short the Shanghai Tin main futures contract at a hedging ratio of 75% around 275,000 yuan/ton and sell call options (SN2509C275000) at a hedging ratio of 25% when volatility is appropriate [2] Raw Material Management - For low raw - material inventory and concerns about price increases, with a short spot position, it is recommended to long the Shanghai Tin main futures contract at a hedging ratio of 50% around 230,000 yuan/ton and sell put options (SN2509P245000) at a hedging ratio of 25% when volatility is appropriate [2] 3. Factors Affecting Prices Bullish Factors - Sino - US tariff policy easing, the semiconductor sector still in the expansion cycle, and Myanmar's resumption of production falling short of expectations [8] Bearish Factors - Repeated tariff policies, the inflow of Myanmar's tin ore into China, and the slowdown of the semiconductor sector's expansion and transition to the contraction cycle [5][6] 4. Spot and Inventory Data Spot Data (Weekly) - The price of Shanghai Non - ferrous tin ingots was 267,200 yuan/ton, up 1,700 yuan or 0.64%. The 1 tin premium was 400 yuan/ton, down 300 yuan or 42.86%. The prices of 40% and 60% tin concentrates were 255,200 yuan/ton and 259,200 yuan/ton respectively, both up 1,700 yuan [13] Inventory Data (Daily) - The total warehouse receipt quantity of tin on the Shanghai Futures Exchange was 7,332 tons, down 26 tons or 0.35%. Among them, the warehouse receipt quantity in Guangdong was 4,919 tons, up 14 tons or 0.29%, and in Shanghai was 1,542 tons, down 40 tons or 2.53%. The total LME tin inventory was 1,755 tons, down 120 tons or 6.4% [20] 5. Import and Processing Data - The tin import profit and loss was - 15,412.62 yuan/ton, up 9.49%. The processing fees for 40% and 60% tin ore were 12,200 yuan/ton and 10,050 yuan/ton respectively, unchanged [21]

1. Report Information - Report Name: Nanhua Futures Tin Risk Management Daily Report - Date: August 7, 2025 - Research Team: Nanhua Non-ferrous Metals Research Team [1] 2. Core View - Tin prices showed a slight increase on Tuesday, indicating strong resilience. Supply - side issues are not easily resolved, and there are uncertainties in Myanmar's resumption of production. If the delay persists, tin prices may continue to rise slightly. The impact of weak demand on tin prices has not been fully reflected [3] 3. Tin Price Volatility and Forecast - Latest closing price: 266,940 yuan/ton - Monthly price range forecast: 245,000 - 263,000 yuan/ton - Current volatility: 14.36% - Current volatility's historical percentile: 26.1% [2] 4. Tin Risk Management Suggestions Inventory Management - For high finished product inventory and fear of price decline: - Strategy 1: Short Shanghai Tin main futures contract, selling 75% at around 275,000 yuan/ton - Strategy 2: Sell call options (SN2509C275000), selling 25% when volatility is appropriate [2] Raw Material Management - For low raw material inventory and fear of price increase: - Strategy 1: Long Shanghai Tin main futures contract, buying 50% at around 230,000 yuan/ton - Strategy 2: Sell put options (SN2509P245000), selling 25% when volatility is appropriate [2] 5. Factors Affecting Tin Prices Bullish Factors - Sino - US tariff policy easing - The semiconductor sector is still in the expansion cycle - Myanmar's resumption of production falls short of expectations [8] Bearish Factors - Repeated tariff policies - Myanmar's tin ore flowing into China - The semiconductor sector's expansion slows down and moves towards a contraction cycle [5][6] 6. Tin Futures and Spot Data Futures Data (Daily) | Futures Type | Unit | Latest Price | Daily Change | Daily Change Rate | | --- | --- | --- | --- | --- | | Shanghai Tin Main | yuan/ton | 266,940 | 0 | 0% | | Shanghai Tin Continuous 1 | yuan/ton | 266,940 | 0 | 0% | | Shanghai Tin Continuous 3 | yuan/ton | 267,280 | 0 | 0% | | LME Tin 3M | US dollars/ton | 33,230 | - 70 | - 0.21% | | Shanghai - London Ratio | Ratio | 8.02 | 0 | 0% | [7] Spot Data (Weekly) | Spot Type | Unit | Latest Price | Weekly Change | Weekly Change Rate | | --- | --- | --- | --- | --- | | Shanghai Non - ferrous Tin Ingot | yuan/ton | 267,600 | - 500 | - 0.19% | | 1 Tin Premium | yuan/ton | 400 | - 300 | - 42.86% | | 40% Tin Concentrate | yuan/ton | 255,600 | - 500 | - 0.2% | | 60% Tin Concentrate | yuan/ton | 259,600 | - 500 | - 0.19% | | Solder Bar (60A) Shanghai Non - ferrous | yuan/ton | 173,750 | - 500 | - 0.29% | | Solder Bar (63A) Shanghai Non - ferrous | yuan/ton | 181,250 | - 500 | - 0.28% | | Lead - free Solder | yuan/ton | 273,750 | - 500 | - 0.18% | [15] 7. Tin Import and Processing Data (Daily) | Data Type | Unit | Latest Price | Daily Change | Daily Change Rate | | --- | --- | --- | --- | --- | | Tin Import Profit and Loss | yuan/ton | - 15,412.62 | - 1,335.69 | 9.49% | | 40% Tin Ore Processing Fee | yuan/ton | 12,200 | 0 | 0% | | 60% Tin Ore Processing Fee | yuan/ton | 10,050 | 0 | 0% | [19] 8. Tin Inventory Data Daily Inventory Data | Inventory Type | Unit | Latest Quantity | Daily Change | Daily Change Rate | | --- | --- | --- | --- | --- | | Total Warehouse Receipt Quantity of Tin | tons | 7,358 | 75 | 1.03% | | Warehouse Receipt Quantity of Tin in Guangdong | tons | 4,905 | 57 | 1.18% | | Warehouse Receipt Quantity of Tin in Shanghai | tons | 1,582 | 18 | 1.15% | | Total LME Tin Inventory | tons | 1,875 | - 25 | - 1.32% | [24]

Report Information - Report Name: Nanhua Futures Tin Risk Management Daily Report - Date: August 6, 2025 - Research Team: Nanhua Non - ferrous Metals Research Team [1] Core View - Tin prices showed a slight increase on Tuesday, indicating strong resilience. Supply - side issues are not easily resolved, and there are uncertainties in Myanmar's resumption of production. If the situation is delayed, tin prices may continue to rise slightly. The impact of weak demand on tin prices has not been fully reflected [3] Industry Investment Rating - Not provided Key Data Price Volatility - Latest closing price: 267,490 yuan/ton; price range forecast (monthly): 245,000 - 263,000 yuan/ton; current volatility: 14.36%; current volatility historical percentile: 26.1% [2] Futures Disk Data (Daily) | Variety | Unit | Latest Price | Daily Change | Daily Change Rate | | --- | --- | --- | --- | --- | | Shanghai Tin Main Contract | yuan/ton | 267,490 | 0 | 0% | | Shanghai Tin Continuous One | yuan/ton | 267,490 | 0 | 0% | | Shanghai Tin Continuous Three | yuan/ton | 267,660 | 0 | 0% | | LME Tin 3M | US dollars/ton | 33,300 | 175 | 0.53% | | Shanghai - London Ratio | Ratio | 8.02 | 0.05 | 0.63% | [7] Spot Data (Weekly) | Variety | Unit | Latest Price | Weekly Change | Weekly Change Rate | | --- | --- | --- | --- | --- | | Shanghai Non - ferrous Tin Ingot | yuan/ton | 267,000 | 900 | 0.34% | | 1 Tin Premium | yuan/ton | 400 | - 300 | - 42.86% | | 40% Tin Concentrate | yuan/ton | 255,000 | 900 | 0.35% | | 60% Tin Concentrate | yuan/ton | 259,000 | 900 | 0.35% | | Solder Bar (60A) Shanghai Non - ferrous | yuan/ton | 173,250 | 500 | 0.29% | | Solder Bar (63A) Shanghai Non - ferrous | yuan/ton | 180,750 | 500 | 0.28% | | Lead - free Solder | yuan/ton | 273,250 | 1000 | 0.37% | [13] Inventory Data | Variety | Unit | Latest Price | Daily Change | Daily Change Rate | | --- | --- | --- | --- | --- | | Warehouse Receipt Quantity: Tin: Total | ton | 7283 | - 10 | - 0.14% | | Warehouse Receipt Quantity: Tin: Guangdong | ton | 4848 | - 84 | - 1.7% | | Warehouse Receipt Quantity: Tin: Shanghai | ton | 1564 | 74 | 4.97% | | LME Tin Inventory: Total | ton | 1900 | - 50 | - 2.56% | [22] Other Data - Tin import profit and loss: - 14,076.93 yuan/ton, daily change 1669.38 yuan, daily change rate - 10.6% - 40% tin ore processing fee: 12,200 yuan/ton, daily change 0, daily change rate 0% - 60% tin ore processing fee: 10,050 yuan/ton, daily change 0, daily change rate 0% [23] Risk Management Suggestions Inventory Management - For high finished - product inventory and fear of price decline: Go short on the Shanghai Tin main futures contract with a 75% hedging ratio at around 275,000 yuan/ton; sell call options (SN2509C275000) with a 25% hedging ratio when volatility is appropriate [2] Raw Material Management - For low raw material inventory and fear of price increase: Go long on the Shanghai Tin main futures contract with a 50% hedging ratio at around 230,000 yuan/ton; sell put options (SN2509P245000) with a 25% hedging ratio when volatility is appropriate [2] Influencing Factors Bullish Factors - Easing of China - US tariff policies; semiconductor sector still in the expansion cycle; Myanmar's resumption of production falling short of expectations [8] Bearish Factors - Repeated tariff policies; inflow of Myanmar tin ore into China; slowdown in the expansion of the semiconductor sector and a shift from the expansion cycle to the contraction cycle [5][6]