Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The price trend of the Shanghai Tin 2510 contract faces certain uncertainties due to bottlenecks on the supply - side, uncertainties on the demand - side, and inventory changes. Attention should be paid to the resumption progress in Myanmar [9] Group 3: Summary by Related Catalogs 1.2 Variety Price - There are 12 Shanghai Tin futures contracts. The total trading volume of the variety is 79,845 lots, and the total open interest of Shanghai Tin contracts is 55,467 lots. The open interest of the Shanghai Tin contract 2510 is 23,007 lots [5][6] 2 Spot Market - The closing price of the Shanghai Tin 2510 contract today is 274,260 yuan/ton. The spot quotation of Shanghai Tin in the Yangtze River spot market on the same day is 274,260 yuan/ton, with a basis of 1,720 yuan/ton [7] 3 Influence Factors - Supply - side: Although Myanmar's Wa State has obtained mining licenses, the rainy season hinders resumption of production, and Thailand prohibits over - land transit transportation. It is difficult to significantly increase production before November. The power negotiation deadlock in Congo - Kinshasa and the decline in ore grade in Australia also restrict supply, making the current Shanghai Tin spot market relatively tight [8] - Demand - side: Despite the expected "Golden September and Silver October" consumption peak season, the market is still cautious about domestic consumption performance, and the demand release rhythm may be postponed. The tight supply situation supports the spot price above the futures price [8]

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoints - The fundamentals of tin remain stable. There are both positive and negative factors affecting the tin market. Positive factors include the easing of Sino - US tariff policies, the semiconductor sector being in an expansion cycle, and Myanmar's production resumption falling short of expectations. Negative factors are the volatility of tariff policies, Myanmar's production resumption, and the semiconductor sector's slowdown in expansion and transition to a contraction cycle [3][4][5]. 3. Summary by Related Catalogs 3.1 Price and Volatility - The latest closing price of tin is 268,110 yuan/ton, with a monthly price range forecast of 245,000 - 263,000 yuan/ton. The current volatility is 15.18%, and the historical percentile of the current volatility is 28.8% [2]. 3.2 Risk Management Suggestions - **Inventory Management**: For those with high finished - product inventory and worried about price drops, it is recommended to short the main Shanghai tin futures contract at around 290,000 yuan/ton with a 100% hedging ratio and sell call options (SN2508C275000) at a suitable volatility with a 25% hedging ratio [2]. - **Raw Material Management**: For those with low raw - material inventory and worried about price increases, it is recommended to long the main Shanghai tin futures contract at around 230,000 yuan/ton with a 50% hedging ratio and sell put options (SN2508P245000) at a suitable volatility with a 25% hedging ratio [2]. 3.3 Futures and Spot Data - **Futures Data**: The latest prices of Shanghai tin futures (main, continuous 1, and continuous 3) are 268,110 yuan/ton, 268,110 yuan/ton, and 267,880 yuan/ton respectively, with no daily change. The LME tin 3M price is 33,565 US dollars/ton, down 245 US dollars (- 0.72%), and the Shanghai - London ratio is 8.01, up 0.15 (1.91%) [6]. - **Spot Data (Weekly)**: The price of Shanghai Non - ferrous tin ingots is 267,200 yuan/ton, up 5,400 yuan (2.06%); 1 tin premium is 600 yuan/ton, down 100 yuan (- 14.29%); 40% tin concentrate is 255,200 yuan/ton, up 5,400 yuan (2.16%); 60% tin concentrate is 259,200 yuan/ton, up 5,400 yuan (2.13%); the price of solder bar (60A) in Shanghai Non - ferrous is 173,750 yuan/ton, up 3,500 yuan (2.06%); the price of solder bar (63A) in Shanghai Non - ferrous is 181,250 yuan/ton, up 3,500 yuan (1.97%); the price of lead - free solder is 273,250 yuan/ton, up 5,000 yuan (1.86%) [10][13]. 3.4 Import and Processing Data - The latest tin import profit and loss is - 17,212.76 yuan/ton, down 2,572.25 yuan (17.57%); 40% tin ore processing fee is 12,200 yuan/ton with no change; 60% tin ore processing fee is 10,550 yuan/ton with no change [15]. 3.5 Inventory Data - **Shanghai Futures Exchange Inventory (Daily)**: The total tin warehouse receipt quantity is 6,750 tons, up 199 tons (3.04%); the warehouse receipt quantity in Guangdong is 4,214 tons, up 24 tons (0.57%); the warehouse receipt quantity in Shanghai is 1,611 tons, up 175 tons (12.19%); the total LME tin inventory is 2,175 tons with no change [17].