Report Overview - Report Name: Shanghai Tin Industry Daily Report 2025 - 07 - 02 [2] - Analyst: Wang Fuhui, Futures Practitioner Qualification Number F03123381, Futures Investment Consulting Practitioner Certificate Number Z0019878 [3] 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Report's Core View - The resumption progress of tin mines in Myanmar's Wa State has great uncertainty, and Thailand has banned the transit of Burmese tin ore, restricting tin ore import supply. The Bisie mine in Congo plans to resume production in phases, and currently, tin ore processing fees remain at historical lows. On the smelting side, Yunnan's production area faces a combination of raw material shortages and cost pressures, while Jiangxi's production area has a stressed scrap recycling system, with a low operating rate. On the demand side, after the rush to install photovoltaic equipment, the operating rate of some producers has declined, and the electronics industry has entered a slack season with a strong wait - and - see attitude. Recently, tin prices have corrected, the spot premium has been lowered to 400 yuan/ton, trading is sluggish, and most downstream enterprises are adopting a wait - and - see attitude towards current prices. Domestic inventories have increased slightly, but overseas inventories continue to decline, LME cancelled warrants have increased, the premium has risen, and LME tin strongly drives domestic prices. Technically, positions are stable, and both long and short sides are cautious. It is recommended to pay attention to the adjustment at the 270,000 yuan mark and temporarily adopt a wait - and - see approach, with a reference range of 266,000 - 272,000 yuan [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - Futures主力合约收盘价:沪锡 was 268,520 yuan/ton, down 1,320 yuan; LME 3 - month tin was 33,625 US dollars/ton, down 125 US dollars. The 8 - 9 - month contract收盘价:沪锡 was down 130 yuan, with a decline of 160 yuan. The主力合约持仓量:沪锡 was 31,365 lots, down 129 lots. The期货前20名净持仓:沪锡 was - 658 lots, down 733 lots. LME tin total inventory was 2,220 tons, up 45 tons. Shanghai Futures Exchange tin inventory was 6,955 tons, down 10 tons. LME tin cancelled warrants were 735 tons, up 85 tons. Shanghai Futures Exchange tin warehouse receipts were 6,888 tons, up 122 tons [3]. 3.2现货市场 - SMM1 tin现货价格 was 268,500 yuan/ton, up 2,000 yuan; Yangtze River Non - ferrous Market 1 tin现货价 was 268,890 yuan/ton, up 2,100 yuan. The沪锡主力合约基差 was - 20 yuan/ton, up 3,320 yuan. LME tin升贴水(0 - 3) was - 48.99 US dollars/ton, down 176.49 US dollars [3]. 3.3上游情况 - The进口数量 of tin ore and concentrates was 12,100 tons, down 2,900 tons. The average price of 40% tin concentrate was 257,000 yuan/ton, up 5,700 yuan; the processing fee was 10,500 yuan/ton, unchanged. The average price of 60% tin concentrate was 261,000 yuan/ton, up 5,700 yuan; the processing fee was 6,500 yuan/ton, unchanged [3]. 3.4产业情况 - The当月值 of refined tin production was 14,000 tons, down 1,600 tons. The进口数量 of refined tin was 3,762.32 tons, up 143.24 tons [3]. 3.5下游情况 - The price of 60A solder bar in Gejiu was 174,350 yuan/ton, up 1,150 yuan. The累计 output of tin - plated sheets (strips) was 1.6014 million tons, up 144,500 tons. The出口数量 of tin - plated sheets was 140,700 tons, down 33,900 tons [3]. 3.6行业消息 - Powell did not rule out the possibility of a rate cut in July, saying that a rate cut would have occurred if not for tariffs, and tariffs are expected to affect inflation. The US ISM manufacturing PMI in June was 49, higher than the expected 48.8 and the previous value of 48.5. Indicators for measuring raw material payment prices showed signs of a slight acceleration in inflation. Import and export indicators were still in a contraction state, but the decline rate slowed down. The order backlog index had the largest decline in a year. The eurozone manufacturing industry showed signs of stabilization in June, with the PMI rising to 49.5, the highest level since August 2022, and output growth for the fourth consecutive month. New orders stabilized in June, ending a 37 - month decline cycle, and export orders also stopped falling and stabilized. Facing the July 9 tariff restart deadline, the Trump administration is adjusting its trade negotiation strategy, shifting from seeking a comprehensive reciprocal agreement to a more limited phased agreement to avoid re - imposing severe tariffs on some countries [3].

Group 1 - The overall gold price in the domestic market remains stable, with slight increases in some gold stores and a rise in gold recycling prices [1][2] - The highest gold price among brand stores is from Zhou Sheng Sheng at 1006 CNY per gram, while Shanghai China Gold remains the lowest at 981 CNY per gram, maintaining a price difference of 25 CNY per gram [1] - Platinum prices are also on the rise, with Zhou Sheng Sheng's platinum jewelry increasing by 18 CNY per gram to 553 CNY per gram [1] Group 2 - The gold recycling price has seen a minor increase of 0.7 CNY per gram, with significant price differences among various brands [2] - The current gold recycling prices range from 755.70 CNY per gram for Zhou Sheng Sheng to 764.60 CNY per gram for Lao Feng Xiang [2] Group 3 - International gold prices showed a V-shaped trend, with a drop to 3311.69 USD per ounce before recovering to close at 3331.90 USD per ounce, reflecting a 0.25% increase [4] - The recent rise in gold prices is attributed to expectations of a potential interest rate cut by the Federal Reserve and a weaker US dollar, alongside geopolitical tensions involving Iran [4] - The market is anticipating further news and data that could influence gold prices, indicating a potential for continued upward movement [4]