1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The strengthening of tin prices on Tuesday afternoon may be related to smelter production cut expectations, but both macro and fundamental factors have limited impact. Macroscopically, the US retail sales data in July met expectations. Fundamentally, the repeated delay of the full resumption of production in Myanmar's tin mines has been providing obvious support for 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] 3. Summary by Relevant Catalogs 3.1 Tin Price Volatility and Risk Management - The latest closing price of tin is 268,090 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] - For inventory management with high finished - product inventory and fear of 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 fear of 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 Factors Affecting Tin Prices - **Likely Positive Factors**: Sino - US tariff policy easing, the semiconductor sector still being in an expansion cycle, and Myanmar's resumption of production falling short of expectations [4] - **Likely Negative Factors**: Repeated tariff policies, the inflow of Myanmar's 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 268,090 yuan/ton, 268,320 yuan/ton, and 268,290 yuan/ton respectively, with no daily change. The latest price of LME Tin 3M is 33,770 US dollars/ton, with a daily increase of 100 US dollars and a daily increase rate of 0.3%. The Shanghai - London ratio is 7.92, with a daily increase of 0.01 and a daily increase rate of 0.13% [6] - **Spot Data**: The latest prices of Shanghai Non - Ferrous tin ingots, 40% tin concentrate, 60% tin concentrate, etc. have weekly declines, with the Shanghai Non - Ferrous tin ingot price at 266,200 yuan/ton, a weekly decline of 4,400 yuan and a weekly decline rate of 1.63% [12] 3.4 Tin Import and Inventory Data - **Import Data**: The latest tin import profit and loss is - 18,244.92 yuan/ton, with a daily decline of 855.39 yuan and a daily decline rate of 4.92%. The processing fees of 40% and 60% tin ore remain unchanged [16] - **Inventory Data**: The total warehouse receipt quantity of tin in the Shanghai Futures Exchange is 7,513 tons, with a daily decline of 74 tons and a daily decline rate of 0.98%. The total LME tin inventory remains unchanged at 1,655 tons [18]

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]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - Tin prices have risen passively, and there is still some pressure above [3] 3. Summary by Relevant Catalogs 3.1 Tin Price Volatility and Risk Management - The latest closing price of tin is 267,250 yuan/ton, with a monthly price range forecast of 245,000 - 263,000 yuan/ton. The current volatility is 14.51%, and the historical percentile of the current volatility is 26.4% [2] - For inventory management with high finished - product inventory and concern 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 SN2509C275000 call option when the volatility is appropriate. For raw material management with low raw material inventory and concern 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 SN2509P245000 put option when the volatility is appropriate [2] 3.2 Factors Affecting Tin Prices 3.2.1 Bullish Factors - Sino - US tariff policy easing, the semiconductor sector still being in an expansion cycle, Myanmar's resumption of production falling short of expectations, and anti - involution benefiting the entire non - ferrous metal sector [4] 3.2.2 Bearish Factors - Tariff policy fluctuations, the inflow of Burmese tin ore into China, and the semiconductor sector's expansion slowing down and gradually moving from the expansion cycle to the contraction cycle [5][6] 3.3 South China's View - The rise of tin prices on Monday was mainly due to the impact of anti - involution on the entire non - ferrous sector, but the fundamentals of tin itself have not changed. In the short term, considering the imminent outflow of Burmese ore and no sign of further improvement in tin downstream demand, the view that the upward pressure on tin prices is greater than the downward support still holds [7] 3.4 Tin Futures and Spot Data 3.4.1 Futures Data (Daily) - The latest price of the Shanghai Tin main contract is 267,250 yuan/ton, with no daily change. The Shanghai Tin continuous - one is 267,470 yuan/ton, also with no daily change. The Shanghai Tin continuous - three is 267,250 yuan/ton, unchanged. The LME Tin 3M is 33,355 US dollars/ton, up 285 US dollars or 0.86%. The Shanghai - London ratio is 7.96, up 0.04 or 0.51% [8][9] 3.4.2 Spot Data (Weekly) - The latest price of Shanghai Non - ferrous tin ingots is 267,200 yuan/ton, up 700 yuan or 0.26%. The 1 tin premium is 500 yuan/ton, down 100 yuan or - 16.67%. The 40% tin concentrate is 253,500 yuan/ton, down 1200 yuan or - 0.47%. The 60% tin concentrate is 257,500 yuan/ton, down 1200 yuan or - 0.46%. The 60A solder bar in Shanghai Non - ferrous is 172,250 yuan/ton, down 1000 yuan or - 0.58%. The 63A solder bar in Shanghai Non - ferrous is 179,750 yuan/ton, down 1000 yuan or - 0.55%. The lead - free solder is 271,250 yuan/ton, down 1500 yuan or - 0.55% [16][17] 3.5 Tin Import Profit and Loss and Processing - The latest tin import profit and loss is - 16,228.79 yuan/ton, down 684.78 yuan or 4.41%. The 40% tin ore processing fee is 12,200 yuan/ton, unchanged. The 60% tin ore processing fee is 10,550 yuan/ton, unchanged [19] 3.6 Tin Inventory - The total warehouse receipt quantity of tin in the Shanghai Futures Exchange is 6817 tons, up 104 tons or 1.55%. The warehouse receipt quantity in Guangdong is 4524 tons, up 122 tons or 2.77%. The warehouse receipt quantity in Shanghai is 1412 tons, down 8 tons or - 0.56%. The total LME tin inventory is 1935 tons, down 100 tons or - 4.91% [23]

Report Information - Report Name: Nanhua Futures Tin Risk Management Daily Report - Date: July 21, 2025 - Research Team: Nanhua Non - ferrous Metals Research Team [1] Investment Rating - Not provided Core View - Tin prices rose passively, and there is still some pressure above [3]. Key Points by Content 1. Tin Price Volatility and Risk Management - **Price Volatility**: The latest closing price of tin is 267,250 yuan/ton, the monthly price range forecast is 245,000 - 263,000 yuan/ton, the current volatility is 14.08%, and the current volatility historical percentile is 25.1% [2]. - **Risk Management Suggestions**: - **Inventory Management**: For high - level finished product inventory and fear of price decline, sell 75% of Shanghai Tin main futures contracts at around 275,000 yuan/ton and sell 25% of SN2509C275000 call options when volatility is appropriate [2]. - **Raw Material Management**: For low - level raw material inventory and fear of price increase, buy 50% of Shanghai Tin main futures contracts at around 230,000 yuan/ton and sell 25% of SN2509P245000 put options when volatility is appropriate [2]. 2. Factors Affecting Tin Prices - **Positive Factors**: Sino - US tariff policy relaxation, semiconductor sector in expansion cycle, Myanmar's resumption of production falling short of expectations, and anti - involution benefiting the entire non - ferrous metal sector [4]. - **Negative Factors**: Tariff policy fluctuation, inflow of Myanmar tin ore into China, and the semiconductor sector's expansion slowing down and moving towards a contraction cycle [5][6]. 3. Nanhua's View on Tin Prices - Tin prices are still in an overall oscillating trend recently. The macro - level US tariff policy change has limited impact on tin. In the short term, considering the imminent outflow of Myanmar ore and no signs of further improvement in downstream demand, the view that the upward pressure on tin prices is greater than the downward support still holds [7]. 4. Tin Futures and Spot Data - **Futures Data (Daily)**: - Shanghai Tin main contract: latest price 267,250 yuan/ton, daily increase of 2,710 yuan, daily increase rate of 1.02% [2][8]. - Shanghai Tin continuous - one contract: latest price 267,470 yuan/ton, daily increase of 2,840 yuan, daily increase rate of 1.07% [8]. - Shanghai Tin continuous - three contract: latest price 267,250 yuan/ton, daily increase of 2,900 yuan, daily increase rate of 1.1% [9]. - LME Tin 3M: latest price 33,355 US dollars/ton, daily increase of 285 US dollars, daily increase rate of 0.86% [9]. - Shanghai - London ratio: latest ratio 7.96, daily increase of 0.04, daily increase rate of 0.51% [9]. - **Spot Data (Weekly)**: - Shanghai Non - ferrous tin ingot: latest price 267,200 yuan/ton, weekly increase of 700 yuan, weekly increase rate of 0.26% [16]. - 1 tin premium: latest price 500 yuan/ton, weekly decrease of 100 yuan, weekly decrease rate of - 16.67% [16]. - 40% tin concentrate: latest price 253,500 yuan/ton, weekly decrease of 1,200 yuan, weekly decrease rate of - 0.47% [17]. - 60% tin concentrate: latest price 257,500 yuan/ton, weekly decrease of 1,200 yuan, weekly decrease rate of - 0.46% [17]. - Solder bar (60A) Shanghai Non - ferrous: latest price 172,250 yuan/ton, weekly decrease of 1,000 yuan, weekly decrease rate of - 0.58% [17]. - Solder bar (63A) Shanghai Non - ferrous: latest price 179,750 yuan/ton, weekly decrease of 1,000 yuan, weekly decrease rate of - 0.55% [17]. - Lead - free solder: latest price 271,250 yuan/ton, weekly decrease of 1,500 yuan, weekly decrease rate of - 0.55% [17]. 5. Tin Import and Processing Data - **Import Profit and Loss and Processing Fees (Daily)**: - Tin import profit and loss: latest price - 16,228.79 yuan/ton, daily decrease of 684.78 yuan, daily increase rate of 4.41% [19]. - 40% tin ore processing fee: latest price 12,200 yuan/ton, no change [19]. - 60% tin ore processing fee: latest price 10,550 yuan/ton, no change [19]. 6. Tin Inventory Data - **Shanghai Futures Exchange Inventory (Daily)**: - Total tin warehouse receipts: latest quantity 6,817 tons, daily increase of 104 tons, daily increase rate of 1.55% [23]. - Tin warehouse receipts in Guangdong: latest quantity 4,524 tons, daily increase of 122 tons, daily increase rate of 2.77% [23]. - Tin warehouse receipts in Shanghai: latest quantity 1,412 tons, daily decrease of 8 tons, daily decrease rate of - 0.56% [23]. - **LME Tin Inventory**: latest quantity 1,935 tons, daily decrease of 100 tons, daily decrease rate of - 4.91% [23].

Group 1: Investment Ratings - No investment ratings provided in the report Group 2: Core Views - The fundamentals of the tin market remain stable. There are both positive and negative factors affecting the tin price. Positive factors include the easing of China-US tariff policies, the semiconductor sector still being in an expansion cycle, and the lower-than-expected resumption of production in Myanmar. Negative factors are the volatility of tariff policies, the resumption of production in Myanmar, and the slowdown of the semiconductor sector's expansion and its transition from an expansion to a contraction cycle [3][4][5] Group 3: Summary by Related Catalogs Price Volatility and Risk Management - The latest closing price of tin is 269,840 yuan/ton, with a monthly price range forecast of 245,000 - 263,000 yuan/ton. The current volatility is 15.08%, and the historical percentile of the current volatility is 28.6% [2] - For inventory management with high finished product inventory and concerns about price drops, it is recommended to sell short the main Shanghai tin futures contract at around 290,000 yuan/ton with a 100% hedging ratio and sell call options (SN2508C275000) with a 25% hedging ratio when the volatility is appropriate. For raw material management with low raw material inventory and concerns about price increases, it is recommended to buy long the main Shanghai tin futures contract at around 230,000 yuan/ton with a 50% hedging ratio and sell put options (SN2508P245000) with a 25% hedging ratio when the volatility is appropriate [2] Market Data Futures Data - The latest prices of Shanghai tin futures (main, continuous 1, and continuous 3) are 269,840 yuan/ton, 269,840 yuan/ton, and 269,520 yuan/ton respectively, with no daily change. The price of LME tin 3M is 33,750 US dollars/ton, with a daily increase of 185 US dollars and a daily increase rate of 0.55%. The Shanghai-London ratio is 7.92, with a daily decrease of 0.09 and a daily decrease rate of -1.12% [6] Spot Data - The latest prices of Shanghai Nonferrous tin ingots, 1 tin premium, 40% tin concentrate, 60% tin concentrate, and various types of solder bars and lead-free solder have different weekly changes. For example, the Shanghai Nonferrous tin ingot price is 266,500 yuan/ton, with a weekly increase of 2,800 yuan and a weekly increase rate of 1.06% [9] Import and Processing Data - The latest tin import profit and loss is -16,263.89 yuan/ton, with a daily decrease of 948.87 yuan and a daily decrease rate of -5.51%. The processing fees for 40% and 60% tin ore remain unchanged [14] Inventory Data - The latest warehouse receipt quantities of tin in the Shanghai Futures Exchange (total, Guangdong, and Shanghai) and the LME tin inventory have different daily changes. For example, the total warehouse receipt quantity of tin in the Shanghai Futures Exchange is 6,750 tons, with a daily increase of 199 tons and a daily increase rate of 3.04% [16]

Report Overview - Report Title: Nanhua Futures Tin Risk Management Daily Report - Date: June 26, 2025 - Research Team: Nanhua Non - ferrous Metals Research Team [1] Industry Investment Rating - Not provided in the report Core View - The fundamentals of tin remain stable. There are both利多 factors such as the easing of Sino - US tariff policies, the semiconductor sector being in an expansion cycle, and Myanmar's production resumption falling short of expectations, and利空 factors including the recurrence of tariff policies, Myanmar's production resumption, and the semiconductor sector's slowdown in expansion and transition to a contraction cycle [3][4][5][6] Key Points by Category 1. Tin Price Volatility and Risk Management - The latest closing price of tin is 263,000 yuan/ton, with a monthly price range forecast of 245,000 - 263,000 yuan/ton. The current volatility is 21.40%, and the historical percentile of the current volatility is 56.9% [2] - For inventory management with high finished - product inventory and concerns about price drops, it is recommended to sell short the main Shanghai tin futures contract at around 290,000 yuan/ton with a 100% hedging ratio and sell the call option SN2508C275000 with a 25% hedging ratio when the volatility is appropriate [2] - For raw material management with low raw - material inventory and concerns about price increases, it is recommended to buy long the main Shanghai tin futures contract at around 230,000 yuan/ton with a 50% hedging ratio and sell the put option SN2508P245000 with a 25% hedging ratio when the volatility is appropriate [2] 2. News and Factors - The fundamentals of tin remain stable [3] -利多 factors: easing of Sino - US tariff policies, the semiconductor sector in an expansion cycle, and Myanmar's production resumption falling short of expectations [4] -利空 factors: recurrence of tariff policies, Myanmar's production resumption, and the semiconductor sector's slowdown in expansion and transition to a contraction cycle [5][6] 3. Tin Futures and Spot Data Futures Data (Daily) - The latest price of the main Shanghai tin futures contract is 263,000 yuan/ton, with no daily change. The price of Shanghai tin continuous - one is 263,140 yuan/ton, and Shanghai tin continuous - three is 262,950 yuan/ton, both with no daily change. The price of LME tin 3M is 32,460 US dollars/ton, down 110 US dollars (- 0.34%). The Shanghai - London ratio is 8.04, down 0.01 (- 0.12%) [6] Spot Data (Weekly) - The price of Shanghai Non - ferrous tin ingots is 262,100 yuan/ton, down 2,200 yuan (- 0.83%). The 1 tin premium is 700 yuan/ton with no change. The price of 40% tin concentrate is 250,100 yuan/ton, down 2,200 yuan (- 0.87%), and the price of 60% tin concentrate is 254,100 yuan/ton, down 2,200 yuan (- 0.86%). The price of solder bar (60A) is 170,750 yuan/ton, down 1,000 yuan (- 0.58%), the price of solder bar (63A) is 177,750 yuan/ton, down 1,500 yuan (- 0.84%), and the price of lead - free solder is 268,250 yuan/ton, down 2,000 yuan (- 0.74%) [10][13] 4. Tin Import and Processing - The tin import profit and loss is - 12,717.24 yuan/ton, up 25.63% compared to the previous day. The 40% tin ore processing fee is 12,200 yuan/ton with no change, and the 60% tin ore processing fee is 10,550 yuan/ton with no change [15] 5. Tin Inventory - The total warehouse receipt quantity of tin in the Shanghai Futures Exchange is 6,472 tons, up 10 tons (0.15%). The warehouse receipt quantity in Guangdong is 4,117 tons, up 8 tons (0.19%), and in Shanghai is 1,430 tons, up 2 tons (0.14%). The total LME tin inventory is 2,155 tons, down 25 tons (- 1.15%) [20]