Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating [1][2][3][4] 2. Core View of the Report - The tin market is currently in a situation where both bulls and bears are weak. The spot procurement atmosphere remains cold, but holders have a strong willingness to hold prices, resulting in a relatively high spot premium of 700 yuan/ton. Domestic inventories have increased significantly, while LME inventories are stable, the cancelled warrants have rebounded slightly, and the spot premium has decreased. Technically, the position has declined, and the bullish sentiment has faded. It is recommended to wait and see for now [3] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract for Shanghai tin is 265,290 yuan/ton, down 2,580 yuan; the closing price of the LME 3 - month tin is 33,410 US dollars/ton, down 210 US dollars. The closing price of the August - September contract for Shanghai tin is - 300 yuan/ton, down 20 yuan. The main contract position of Shanghai tin is 27,818 lots, down 765 lots. The net position of the top 20 futures is - 1,199 lots, down 438 lots. LME tin total inventory is 1,945 tons, up 90 tons; SHFE tin inventory is 7,417 tons, up 269 tons; LME tin cancelled warrants are 580 tons, up 75 tons [3] 3.2 Spot Market - The SHFE tin warehouse receipt is 7,429 tons, down 4 tons. The SMM 1 tin spot price is 265,500 yuan/ton, down 2,600 yuan; the Yangtze River Non - Ferrous Market 1 tin spot price is 265,110 yuan/ton, down 2,960 yuan. The basis of the Shanghai tin main contract is - 560 yuan/ton, down 1,480 yuan; the LME tin premium (0 - 3) is - 7.01 US dollars/ton, down 17.51 US dollars. The import volume of tin ore and concentrates is 1.21 million tons, down 0.29 million tons [3] 3.3 Upstream Situation - The average price of 40% tin concentrate is 259,100 yuan/ton, up 5,600 yuan; the processing fee of 40% tin concentrate by Antaike is 10,500 yuan/ton, unchanged. The average price of 60% tin concentrate is 263,100 yuan/ton, up 5,600 yuan; the processing fee of 60% tin concentrate by Antaike is 6,500 yuan/ton, unchanged [3] 3.4 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] 3.5 Downstream Situation - The price of 60A solder bar in Gejiu is 172,210 yuan/ton, down 2,140 yuan. The cumulative output of tin - plated sheets (strips) is 1.6014 million tons, up 0.1445 million tons; the monthly export volume of tin - plated sheets is 0.1407 million tons, down 0.0339 million tons [3] 3.6 Industry News - The Political Bureau of the CPC Central Committee decided to hold the Fourth Plenary Session of the 20th Central Committee in October, analyzing and studying the current economic situation and deploying the economic work for the second half of the year. The Fed has kept interest rates unchanged for five consecutive meetings, but two voting members support a rate cut, pointing out that economic growth has slowed. The actual tin ore output from Myanmar's Wa State will not occur until the fourth quarter; the Congo's Bisie mine plans to resume production in stages, and the tin ore processing fee remains at a historical low [3] 3.7 Key Points to Focus On - There is no news today [3]