Report Industry Investment Rating - No relevant content provided Core View of the Report - In the macro - aspect, the US core CPI in June increased 2.9% year - on - year and 0.2% month - on - month, lower than expected for 5 consecutive months. The US Treasury Secretary said there's no need to worry about the suspension of additional tariffs deadline between the US and China, and the negotiation is in a "good state". In the fundamental aspect, the resumption progress of tin mines in Myanmar's Wa State is highly uncertain, and Thailand prohibits the transit of Burmese tin mines, restricting tin ore import supply. The Bisie mine in Congo plans to resume production in stages, and currently tin ore processing fees remain at a historical low. On the smelting side, Yunnan is facing raw material shortages and cost pressures, and Jiangxi's scrap recycling system is under pressure with a low operating rate. On the demand side, after the rush to install in the photovoltaic industry, the operating rate of some producers has declined, and the electronics industry is in the off - season with a strong wait - and - see attitude. Recently, tin prices have adjusted widely, with downstream buyers purchasing on dips, domestic inventory slightly decreasing, while LME de - stocking has slowed down and the premium has declined. Technically, with low positions and differences between long and short positions, the triangular oscillation is converging. It is recommended to wait and see, with a reference range of 262,000 - 276,000 yuan/ton [3] Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract of Shanghai Tin is 263,960 yuan/ton, up 720 yuan; the price of LME 3 - month tin is 33,260 US dollars/ton, down 300 US dollars. The closing price difference between the August - September contracts of Shanghai Tin is - 170 yuan/ton, down 40 yuan. The main contract's open interest of Shanghai Tin is 22,748 lots, down 1,702 lots. The net position of the top 20 futures is 610 lots, up 261 lots. LME tin's total inventory is 1,980 tons, down 115 tons. The inventory of Shanghai Futures Exchange is 7,097 tons, down 101 tons, and the warehouse receipts of Shanghai Futures Exchange are 6,777 tons, down 70 tons. LME tin's cancelled warehouse receipts are 420 tons, down 150 tons [3] 现货市场 - The SMM1 tin spot price is 263,600 yuan/ton, down 1,000 yuan; the Yangtze River Non - ferrous Market 1 tin spot price is 263,570 yuan/ton, down 970 yuan. The basis of the main contract of Shanghai Tin is - 360 yuan/ton, down 1,720 yuan. The LME tin premium (0 - 3) is - 115 US dollars/ton, down 6 US dollars. The import volume of tin ore and concentrates is 12,100 tons, down 2,900 tons [3] Upstream Situation - The average price of 40% tin concentrate is 254,700 yuan/ton, down 600 yuan; the average price of 60% tin concentrate is 258,700 yuan/ton, down 600 yuan. The processing fee of 40% tin concentrate by Antaike is 10,500 yuan/ton, unchanged; the processing fee of 60% tin concentrate by Antaike is 6,500 yuan/ton, unchanged [3] Industry Situation - The monthly output of refined tin is 14,000 tons, down 1,600 tons; the monthly import volume of refined tin is 3,762.32 tons, up 143.24 tons [3] Downstream Situation - The price of 60A solder bars in Gejiu is 171,130 yuan/ton, down 1,040 yuan. The cumulative output of tin - plated sheets (strips) is 1.6014 million tons, up 144,500 tons. The export volume of tin - plated sheets is 140,700 tons, down 33,900 tons [3] Industry News - The US CPI in June increased 2.7% year - on - year, the highest since February, slightly exceeding the expected 2.6%, with a previous value of 2.4%; the month - on - month increase was 0.3%, in line with expectations, and the increase was mainly due to rising energy prices. The EU Trade Commissioner said that although the two - sides' negotiation is quite close on the principle text, there are still huge differences in some key areas. The Central Urban Work Conference was held in Beijing, indicating that China's urbanization is shifting from a rapid growth stage to a stable development stage, and urban development is shifting from a large - scale incremental expansion stage to a stage mainly focused on improving the quality and efficiency of the stock [3]