Key Points Summary 1. Policy and Market News - China supports 33 least - developed African countries to fully utilize the 100% tariff - free policy for all tariff items, and from December 1st last year to March this year, China's imports from these countries reached $21.42 billion, a year - on - year increase of 15.2% [2] - Myanmar's Wa State was officially approved to fully resume tin ore production in late April and is gradually resuming production [2] - The Dalian Commodity Exchange announced the trading time arrangement for the 2025 Dragon Boat Festival. The market will be closed from May 31st (Saturday) to June 2nd (Monday), and resume trading on June 3rd (Tuesday). There will be no night trading on May 30th (Friday), and the night trading will resume on the evening of June 3rd (Tuesday) [2] - China and ASEAN completed the negotiation of the 3.0 version of the China - ASEAN Free Trade Area on May 20th [2] - As of the week ending May 16th, the US EIA strategic petroleum reserve inventory reached the highest level since the week ending October 21st, 2022; gasoline inventory increased by the largest amount since the week ending January 31st, 2025; commercial crude oil inventory excluding strategic reserves reached the highest level since the week ending July 5th, 2024. The US strategic petroleum reserve (SPR) inventory increased by 843,000 barrels to 400.5 million barrels, a 0.21% increase [3] 2. Focus Commodities and Market Performance - Commodities to focus on include urea, lithium carbonate, Shanghai copper, crude oil, and rebar [4] - Night - trading performance of commodity sectors: Non - metallic building materials rose 2.65%, precious metals rose 30.91%, oilseeds and fats rose 11.98%, soft commodities rose 2.46%, non - ferrous metals rose 18.92%, coal, coke, steel, and minerals rose 13.15%, energy rose 2.58%, chemicals rose 12.97%, grains rose 1.61%, and agricultural and sideline products rose 2.77% [4] 3. Position and Asset Performance - Shows the position changes of commodity futures sectors in the past five days [6] - Presents the performance of major asset classes including equities, fixed - income, commodities, and others, with details on daily, monthly, and annual percentage changes [7] 4. Major Commodity Trends - Displays the trends of major commodities such as stock market risk preferences, BDI, CRB spot index, WTI crude oil, London spot gold and silver, LME copper, CBOT soybeans and corn, as well as risk premiums of different stock indices [9]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The price of Shanghai tin may be strong first and then weak due to factors such as the decline in US tariffs on China, potential relaxation of US restrictions on chip exports to Gulf countries, the expected resumption of tin mines in Wa State, Myanmar, and the increase in refined tin inventories at home and abroad. Investors are advised to wait and see, paying attention to the support and pressure levels of Shanghai tin and London tin [1] Group 3: Summary by Relevant Catalogs Market Data - On May 15, 2025, the closing price of the Shanghai tin futures active contract was 265,210 yuan, down 560 yuan from the previous day; the trading volume was 72,966 lots, a decrease of 13,194 lots; the open interest was 30,513 lots, a decrease of 997 lots; the inventory was 8,163 tons, a decrease of 16 tons [1] - The closing price of the LME 3 - month tin futures (electronic trading) on May 15, 2025, was 32,814 US dollars, up 160 US dollars from the previous day; the LME tin global inventory was 2,745 tons, unchanged from the previous day [1] Company News - Inner Mongolia Xingye Yinxi Mining Co., Ltd. plans to have its wholly - owned subsidiary, Xingye Gold (Hong Kong) Mining Co., Ltd., conduct an off - market conditional offer to acquire all the issued shares of Atlantic Tin Limited at a price of 0.24 Australian dollars per share [1] Supply - side Information - In the supply side, Myanmar's Wa State's mining policies have changed, and the Bisie tin mine in Congo (Kinshasa) has复产. These factors may lead to a decrease in China's tin ore production and imports in May, and the domestic tin concentrate processing fee has been oscillating downward, indicating a tight supply expectation. The supply of scrap tin is expected to increase but still remains tight. The operating rates of refined tin production capacity in Yunnan and Jiangxi have decreased, and the production and inventory of refined tin in China in May may decrease. The export volume of Indonesia's refined tin in May may increase, and China's refined tin imports and exports may both increase [1] Demand - side Information - In the demand side, the daily processing fee of photovoltaic welding strips has decreased, which may lead to a decrease in the operating rate and inventory of China's tin solder production capacity in May. The import and export volume of welding strips in May may change, and the production, import, and export volume of tin - plated sheets in May may also change. The operating rate of China's lead - acid battery production capacity has increased [1] Trading Strategy - Investors are advised to wait and see, paying attention to the support level of 230,000 - 250,000 yuan and the pressure level of 270,000 - 280,000 yuan for Shanghai tin, and the support level of 28,000 - 30,000 US dollars and the pressure level of 33,000 - 35,000 US dollars for London tin [1]