Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View - The actual resumption progress of Myanmar's tin mines is expected to be slower than market expectations, and the Bisie mine in Congo plans to resume production in stages with supply expected to be released in late June. - In the smelting sector, Yunnan is facing raw material shortages and cost pressures, while Jiangxi's scrap recycling system is under stress with a risk of capacity exit and low operating rates. - On the demand side, downstream and end - users' purchasing sentiment has improved with price declines, but overall trading remains dull. - Technically, short - term wide - range adjustments are expected, and it is recommended to wait and see, with a reference range of 243,000 - 257,000 yuan/ton [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai Tin was 249,800 yuan/ton, down 500 yuan; the closing price of the July - August contract was down 220 yuan with a 20 - yuan increase. - LME 3 - month tin was at 30,545 US dollars/ton, up 315 US dollars. - The main contract's open interest of Shanghai Tin was 35,021 lots, up 1,517 lots. - The net position of the top 20 futures was 3,229 lots, up 831 lots. - LME tin's total inventory was 2,605 tons, down 75 tons; Shanghai Futures Exchange's tin inventory was 8,107 tons, down 338 tons; and the warehouse receipt was 7,520 tons, down 352 tons [3]. 3.2 Spot Market - The SMM 1 tin spot price was 250,400 yuan/ton, down 1,100 yuan; the Yangtze River Non - ferrous Market 1 tin spot price was 249,860 yuan/ton, down 1,180 yuan. - The basis of the Shanghai Tin main contract was 600 yuan/ton, down 600 yuan; the LME tin premium (0 - 3) was - 107 US dollars/ton, down 29 US dollars [3]. 3.3 Upstream Situation - The import volume of tin ore and concentrates was 12,100 tons, down 2,900 tons. - The average price of 40% tin concentrate was 246,300 yuan/ton, down 31,200 yuan; the average price of 60% tin concentrate was 250,300 yuan/ton, down 31,200 yuan. - The processing fees for 40% and 60% tin concentrates remained unchanged at 11,500 yuan/ton and 7,500 yuan/ton respectively [3]. 3.4 Industry Situation - The monthly output of refined tin was 14,000 tons, down 1,600 tons; the import volume of refined tin was 3,762.32 tons, up 143.24 tons [3]. 3.5 Downstream Situation - The price of 60A solder bars in Gejiu was 163,170 yuan/ton, down 460 yuan. - The cumulative output of tin - plated sheets (strips) was 1.6014 million tons, up 144,500 tons; the export volume of tin - plated sheets was 140,700 tons, down 33,900 tons [3]. 3.6 Industry News - In May, China's manufacturing PMI was 49.5%, up 0.5 percentage points; non - manufacturing PMI was 50.3%, down 0.1 percentage points; and the comprehensive PMI output index was 50.4%, up 0.2 percentage points. - The sales volume of consumer goods trade - in this year exceeded 1 trillion yuan, with 1.1 trillion yuan in sales and about 175 million subsidies issued. - The US May ISM manufacturing PMI was 48.5, the lowest since November 2024, and the S&P Global manufacturing PMI final value was 52. - Fed's Daly said she was still comfortable with the Fed's March forecast of two rate cuts by the end of the year and hoped to maintain a moderately restrictive policy rate [3].

碳酸锂产业日报 2025/6/3 | | 撰写人：王福辉 从业资格证号：F03123381 投资咨询从业证书号：Z0019878 | | | | | | --- | --- | --- | --- | --- | --- | | 项目类别 | 数据指标 最新 环比 | | 数据指标 | 最新 | 环比 | | | 主力合约收盘价（日，元/吨） | 59,940.00 | +140.00↑ 前20名净持仓（日，手） | -4,671.00 | +13561.00↑ | | 期货市场 | 主力合约持仓量（日，手） | 259,658.00 | -1351.00↓ 近远月合约价差（日，元/吨） | 80.00 | +80.00↑ | | | 广期所仓单（日，手/吨） | 33,397.00 | -60.00↓ | | | | 现货市场 | 电池级碳酸锂平均价（日，元/吨） | 60,300.00 | -400.00↓ 工业级碳酸锂平均价（日，万元/吨） | 58,700.00 | -400.00↓ | | | Li₂CO₃主力合约基差（日，元/吨） | 360.00 | -540.00↓ | | | | 上游情况 ...

文字早评 2025/06/03 星期二 宏观金融类 股指 前一交易日沪指-0.47%，创指-0.96%，科创 50-0.94%，北证 50-0.51%，上证 50-0.45%，沪深 300-0.48%， 中证 500-0.85%，中证 1000-1.03%，中证 2000-1.75%，万得微盘-1.16%。两市合计成交 11392 亿，较上 一日-462 亿。 宏观消息面： 1、美方称中方违反中美日内瓦经贸会谈共识，中国商务部新闻发言人：中方坚决拒绝无理指责。 2、中国 5 月官方制造业 PMI 回升至 49.5，符合预期。 3、工信部：加大汽车行业"内卷式"竞争整治力度。中汽协：无序"价格战"加剧恶性竞争，挤压企 业利润空间，影响产品质量和售后服务保障。 4、特朗普宣布自周三起上调钢铝关税一倍至 50%。欧盟：表示遗憾，准备反击美国。 资金面：融资额-11.29 亿；隔夜 Shibor 利率+6.00bp 至 1.4710%，流动性较为宽松；3 年期企业债 AA- 级别利率-1.23bp 至 3.0414%，十年期国债利率-1.90bp 至 1.6762%，信用利差+0.67bp 至 137bp；美国 10 ...

铜 有色金属小组 吴坤金 从业资格号：F3036210 交易咨询号：Z0015924 0755-23375135 wukj1@wkqh.cn 曾宇轲 有色金属日报 2025-6-3 五矿期货早报 | 有色金属 从业资格号：F03120988 0755-23375122 zhangsj3@wkqh.cn 王梓铧 从业资格号：F03130785 0755-23375132 wangzh7@wkqh.cn 刘显杰 从业资格号：F03130746 0755-23375125 liuxianjie@wkqh.cn 陈逸 从业资格号：F03137504 0755-23375125 cheny40@wkqh.cn 上周铜价小幅冲高后回落，伦铜周跌 1.22%至 9497 美元/吨，沪铜主力合约收至 77600 元/吨，端午 假期间特朗普威胁提高钢铁和铝关税导致美铜走强，贵金属和原油价格亦上涨，伦铜上涨 1.24%。产 业层面，上周三大交易所库存环比减少 0.2 万吨，其中上期所库存增加 0.7 至 10.6 万吨，LME 库存 减少 1.5 至 15.0 万吨，COMEX 库存增加 0.5 至 16.4 万吨。上海保税区库 ...

美债收益率在ISM制造业PMI数据公布后收窄涨幅，10年期国债收益率最后持平于4.422%。 ...

Core Viewpoint - The ISM Manufacturing PMI for May in the United States is reported at 48.5, which is below the expected 49.5 and the previous value of 48.7, marking the lowest level since November 2024 [1] Summary by Category - **Economic Indicator** - The ISM Manufacturing PMI has decreased to 48.5, indicating a contraction in the manufacturing sector [1] - This figure is lower than the market expectation of 49.5 and the prior month's reading of 48.7 [1] - The current PMI level represents the lowest since November 2024, suggesting potential economic slowdown [1]

美国5月标普全球制造业PMI终值将于十分钟后公布。 ...

英国5月制造业PMI终值、4月央行抵押贷款许可将于十分钟后公布。 ...

澳大利亚5月标普全球制造业PMI终值 51，前值51.7。 ...

高技术制造业PMI连续四个月保持在扩张区间 5月份制造业PMI比上月有所回升。从13个分项指数来看，同上月相比，生产指数、新订单指数、新出口订单 指数、积压订单指数、采购量指数、进口指数、原材料库存指数、从业人员指数和生产经营活动预期指数上 升，指数升幅在0.2至3.7个百分点之间。 产成品库存指数、购进价格指数、出厂价格指数和供应商配送时间指数下降，指数降幅在0.1至0.8个百分点之 间。 中国物流与采购联合会特约分析师张立群表示，生产指数、采购量指数、新订单指数均出现回升，表明在多项 政策综合效应下，企业预期趋向改善，生产经营活动有回暖迹象。 制造业PMI数据出炉。 5月31日，国家统计局服务业调查中心和中国物流与采购联合会发布数据显示，5月制造业采购经理指数（制造 业PMI）为49.5%，综合PMI产出指数为50.4%，分别比上月上升0.5和0.2个百分点，均比上月改善。非制造业 商务活动指数为50.3%，今年以来连续保持在50%以上，保持扩张。 分析认为，5月份制造业PMI指数出现回升，表明加紧实施更加积极有为的宏观政策综合成效已开始显现，非 制造业继续在扩张区间平稳运行，细分指数变化显示，投资、消费 ...