行业 铜期货日报 日期 2025 年 6 月 11 日 有色金属研究团队 研究员：张平 021-60635734 zhangping@ccb.ccbfutures.com 期货从业资格号：F3015713 研究员：余菲菲 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 研究员：彭婧霖 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 请阅读正文后的声明 每日报告 一、 行情回顾与操作建议 图1：沪铜走势及盘面价差 图2：伦铜走势及价差 数据来源：Wind，建信期货研究发展部 数据来源：Wind，建信期货研究发展部 沪铜冲高回落，日内一度站上 7.9 万，但受到中美关税谈判消息扰动，沪铜在尾 盘涨幅回落，国内期现价差平稳，LME 市场因昨库存大降 1 万吨，LME0-3back 结 构再度扩大至 95.78 美金/吨，LME 市场库存紧张趋势凸显，这也令沪伦比值下降， 出口窗口打开，短期 COMEX 铜价>LME 铜>沪铜，这将令国内铜及 LME 铜低库存持 续，基本面对铜 ...

宏观 股指 市场分析：当日沪深两市成交额 1.45 万亿元，较前日放量 10.57%。银行、创新药等防御性 板块领涨，而半导体、航天航空等高波动板块承压。上证 50 主力合约 IH2506 持仓量环比下 降 2.82%，短期多空分歧加剧。中证 1000 收盘价接近压力位 6226 左右，若突破需成交量配 合；沪深 300 收盘价接近支撑位 3514 左右，短期反弹动能不足。 参考观点：中证 1000 波动率较高，建议关注 6227 附近压力位突破情况；上证 50 建议结合 持仓量变化判断趋势持续性；沪深 300 波动率处于低位，但成交额占比稳定，可作为中长期 配置参考；中证 1000 与沪深 300 的波动率比值（1.56）接近 2024 年均值（1.62），可关注 均值回归机会。 原油 宏观与地缘：上周五美国非农数据超预期，削弱美联储降息紧迫性，同时中美第二轮谈判， 市场对经贸缓和有一定预期，原油价格或偏强震荡，关注 WTI 主力 65 美元/桶关键位置。 市场分析：基本面看，OPEC 大幅调降未来两年全球需求增速，美国贸易战升级，特朗普政 府政策多变，引发市场对全球需求担忧。库存方面，美原油库存虽然下滑， ...

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Views of the Report - The macro - environment has high uncertainty. Gold is expected to continue high - level volatile adjustments, and silver may maintain a relatively strong trend [3][5]. - LME copper has a delivery risk, and copper prices may rise in the short - term [7][10]. - Alumina supply is increasing, and prices are expected to move closer to the cash cost of high - cost production capacity and then fluctuate [12][15]. - Aluminum prices are expected to maintain a volatile trend, and attention should be paid to when the seasonal inflection point of consumption arrives [20][21]. - Zinc prices are expected to decline as inventories continue to accumulate [23][24]. - Lead prices will mainly fluctuate in a range due to weak supply and demand [26][28]. - Nickel prices will continue to fluctuate due to the pattern of weak supply and demand [30][33]. - Stainless steel prices are under pressure from supply, and the market is expected to be weak, but the raw material end provides cost support [34][37]. - Industrial silicon supply and demand are basically balanced in June, but the industry will continue to have low or negative profits, and 7500 yuan/ton may be the resistance level for the rebound [40][41]. - Short - term polysilicon prices remain weak, and short positions in the PS2507 contract can be held [44][46]. - Lithium carbonate prices have rebounded, but the fundamentals have not improved substantially, and there is a strong expectation of inventory accumulation [48][49]. - Tin prices are driven by macro - sentiment in the short - term, and the annual supply - demand tightness expectation has been significantly alleviated [52][53]. 3. Summary by Directory Pre - market Observation of Non - ferrous and Precious Metals Market Review - Precious metals: London gold rose 0.43% to 3325.215 dollars/ounce, London silver rose 2.16% to 36.743 dollars/ounce. Shanghai gold rose 0.18% to 776.66 yuan/gram, and Shanghai silver rose 2.07% to 9015 yuan/kilogram [3]. - Dollar index: It fell 0.25% to 98.94 [3]. - 10 - year US Treasury yield: It slightly fell to 4.488% [3]. - RMB exchange rate: It rose 0.23% to 7.1785 [3]. Important Information - Tariff trends: The first meeting of the China - US economic and trade consultation mechanism was held in London [3]. - US macro: The 1 - year inflation expectation in May was 3.2%, and the wholesale sales monthly rate in April was 0.1% [3]. - Fed watch: The probability of the Fed keeping interest rates unchanged in June is 99.9%, and the probability of a 25 - basis - point cut in July is 14.5% [3]. Trading Strategies - Unilateral: Adopt the strategy of trying long positions on dips [5]. - Arbitrage: Wait and see [5]. - Options: Wait and see [5] Copper Market Review - Futures: LME copper rose 1.01% to 9768.5 dollars [7]. - Spot: LME inventory decreased by 10000 tons to 12.24 million tons, and COMEX inventory increased by 1843 short tons to 189720 short tons [7]. Important Information - China - US economic and trade consultations began in London [7]. - In May, CPI decreased by 0.2% month - on - month and 0.1% year - on - year; PPI decreased by 0.4% month - on - month and 3.3% year - on - year [7]. - Chile's copper exports in May were 4.48 billion dollars, a 4.4% year - on - year increase [7]. Trading Strategies - Unilateral: Due to the delivery risk in LME, copper prices may rise in the short - term [10]. - Arbitrage: Hold the borrow strategy [10]. - Options: Wait and see [10] Alumina Market Review - Futures: The 2509 contract fell 12 yuan/ton to 2883 yuan/ton [12]. - Spot: The prices in different regions were mostly flat, with a 25 - yuan decrease in Xinjiang [12]. Relevant Information - The national alumina production capacity was 112.42 million tons, with an operating capacity of 90.65 million tons and an operating rate of 80.6% [12]. - The ex - factory price of a certain tender was nearly 100 yuan/ton lower than the previous transaction price in the central region [12]. - As of June 5, the national alumina inventory was 3.133 million tons, a decrease of 29000 tons from the previous week [13]. Trading Strategies - Unilateral: Alumina prices are expected to decline towards the cash cost of high - cost production capacity, and attention should be paid to raw material supply risks [16]. - Arbitrage: Wait and see [16]. - Options: Wait and see [16] Electrolytic Aluminum Market Review - Futures: The 2507 contract rose 55 yuan/ton to 20060 yuan/ton [18]. - Spot: The prices in different regions decreased by 10 - 20 yuan/ton [18]. Relevant Information - China - US economic and trade consultations continued [18]. - In May, CPI decreased by 0.1% year - on - year, and the decline of PPI expanded to 3.3% [20]. - Tian Shan Aluminum plans to carry out a green and low - carbon energy - efficiency improvement project for 1.4 million tons of electrolytic aluminum capacity [20]. Trading Strategies - Unilateral: Aluminum prices are expected to fluctuate, and attention should be paid to the seasonal inflection point of consumption [21]. - Arbitrage: Wait and see [21]. - Options: Wait and see [21] Zinc Market Review - Futures: LME zinc fell 0.98% to 2654 dollars/ton, and Shanghai zinc 2507 fell 0.9% to 21925 yuan/ton [23]. - Spot: The spot price in Shanghai decreased, and the overall transaction was average [24]. Relevant Information - As of June 9, the total inventory of SMM's seven - region zinc ingots was 81700 tons, an increase of 4300 tons from June 3 [24]. Trading Strategies - Unilateral: Hold short positions [24]. - Arbitrage: Wait and see [24]. - Options: Wait and see [24] Lead Market Review - Futures: LME lead rose 0.53% to 1988 dollars/ton, and Shanghai lead 2507 rose 0.81% to 16865 yuan/ton [26]. - Spot: The average price of SMM1 lead rose 25 yuan/ton, and the transaction of recycled lead was poor [26]. Relevant Information - As of June 9, the total social inventory of SMM's five - region lead ingots was 53400 tons, an increase of 3500 tons from June 3 [26]. - A large - scale recycled lead smelter in the northwest postponed its resumption of production [27]. Trading Strategies - Unilateral: Prices will fluctuate in a range [28]. - Arbitrage: Wait and see [28]. - Options: Wait and see [28] Nickel Market Review - Futures: LME nickel fell 125 dollars to 15365 dollars/ton, and Shanghai nickel 2507 fell 740 yuan to 121950 yuan/ton [30]. - Spot: The premiums of Jinchuan, Russian nickel, and electrowon nickel decreased [30]. Relevant Information - An ITSS nickel - iron plant's 14 furnace resumed production after maintenance [31]. - A Swedish battery manufacturer may stop production at the end of June [31]. Trading Strategies - Unilateral: Prices will fluctuate, and attention should be paid to macro and nickel ore changes [35]. - Arbitrage: Wait and see [35]. - Options: Consider the range double - selling strategy [35] Stainless Steel Market Review - Futures: The SS2507 contract fell 70 yuan to 12560 yuan/ton [34]. - Spot: The prices of cold - rolled and hot - rolled products were in a certain range [34]. Important Information - Indian stainless steel enterprises called for tariff measures to deal with imports [34]. - A stainless steel project in Fujian is expected to be completed in mid - August [37]. Trading Strategies - Unilateral: Pay attention to the support at 12500 yuan [38]. - Arbitrage: Wait and see [38] Industrial Silicon Market Review - Futures: The main contract rose 2.33% to 7475 yuan/ton [40]. - Spot: The spot price was stable, and there was a possibility of a decline [40]. Relevant Information - Shaanxi plans to adjust the time - of - use electricity price policy [40]. Trading Strategies - Unilateral: Short positions can be arranged above 7500 yuan/ton [42]. - Arbitrage: Hold the reverse spread of Si2511 and Si2512 [42]. - Options: Wait and see [42] Polysilicon Market Review - Futures: The main contract fell 2.24% to 34105 yuan/ton [44]. - Spot: The transaction prices of different types of polysilicon were basically flat [44]. Relevant Information - Zhejiang encourages virtual power plants and user - side energy storage to participate in response [44]. Trading Strategies - Unilateral: Hold short positions in the PS2507 contract and gradually stop losses below 34000 yuan/ton [46]. - Arbitrage: Reverse spread of far - month contracts [46]. - Options: Sell call options to realize profits [46] Lithium Carbonate Market Review - Futures: The 2507 contract fell 100 yuan to 60700 yuan/ton [48]. - Spot: The prices of electric and industrial lithium carbonate increased by 50 yuan [48]. Important Information - In May, the sales of new - energy passenger vehicles increased significantly [48]. Trading Strategies - Unilateral: Sell on rebounds, and do not recommend bottom - fishing [51]. - Arbitrage: Wait and see [51]. - Options: Sell out - of - the - money call options [51] Tin Market Review - Futures: The 2507 contract rose 0.38% to 263860 yuan/ton [51]. - Spot: The average price of Shanghai tin ingots decreased by 500 yuan/ton [51]. Important Information - China - US economic and trade consultations continued, focusing on tariffs, technology, and rare earths [52]. - In May, CPI and PPI decreased [52]. Trading Strategies - Unilateral: The decline of tin prices may be limited in the short - term [53]. - Arbitrage: Wait and see [53]. - Options: Sell out - of - the - money call options [53]

行业 铜期货日报 日期 2025 年 6 月 10 日 有色金属研究团队 研究员：张平 021-60635734 zhangping@ccb.ccbfutures.com 期货从业资格号：F3015713 研究员：余菲菲 021-60635729 yufeifei@ccb.ccbfutures.com 期货从业资格号：F3025190 研究员：彭婧霖 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 请阅读正文后的声明 每日报告 一、 行情回顾与操作建议 图1：沪铜走势及盘面价差 图2：伦铜走势及价差 沪铜震荡偏强，总持仓小降 3647 手，盘面价差结构稳定，07-08back120，现货升 水涨 10 至 85，交割临近，低价货源难寻，持货商挺价，周一公布的国内社库较 上周四微增 0.07 万吨，国内社库仍处于低位水平。进口窗口继续关闭，现货进口 亏损仍超过千元，比较略有回暖，炼厂暂缓出口动作，LME0-3back 结构缩窄至 69.8 美元/吨，LME 社库降至 13.2 万吨，COMEX-LME 价差 1015 美金/吨，当前 CO ...

2025年06月10日 期货研究 商 品 研 究 国泰君安期货商品研究晨报 观点与策略 | 黄金：非农小幅超预期 | 3 | | --- | --- | | 白银：技术突破 | 3 | | 铜：伦铜现货走强，支撑价格 | 5 | | 铝：横盘震荡 | 7 | | 氧化铝：继续下行 | 7 | | 锌：社库累库，价格承压下行 | 9 | | 铅：短期供需双弱，中期偏多 | 10 | | 锡：止跌回升 | 11 | | 镍：现实支撑与弱势预期博弈，镍价震荡运行 | 13 | | 不锈钢：负反馈传导减产增加，钢价区间震荡 | 13 | | 碳酸锂：矿价企稳，偏弱震荡延续 | 15 | | 工业硅：上行空间有限，以逢高空配为主 | 17 | | 多晶硅：盘面以空配为主 | 17 | | 铁矿石：震荡反复 | 19 | | 螺纹钢：需求预期走弱，低位震荡 | 20 | | 热轧卷板：需求预期走弱，低位震荡 | 20 | | 硅铁：宽幅震荡 | 22 | | 锰硅：宽幅震荡 | 22 | | 焦炭：宽幅震荡 | 24 | | 焦煤：宽幅震荡 | 24 | | 动力煤：需求仍待释放，宽幅震荡 | 26 | | 原木：震荡反 ...

Core Viewpoint - The Gansu Jinchuan Group is leveraging its local resources and innovative capabilities to enhance its competitive position in the nickel-cobalt and copper industries, driving growth and collaboration among over 100 related enterprises in the region [1][4][6]. Group 1: Production and Cost Efficiency - The company produces batteries with lower manufacturing costs, approximately 12% less than coastal regions, by sourcing most raw materials locally [1]. - The Jinchuan Group's smart copper smelting factory has implemented intelligent control in its operations, enhancing efficiency [2]. Group 2: Innovation and Product Development - The establishment of the "Gansu Nickel-Cobalt Resource Efficient Utilization and New Product Development Innovation Consortium" has facilitated collaborative innovation and technology research [3]. - New products such as 4N5 oxygen-free copper and 6N5 high-purity nickel have been developed, breaking foreign monopolies and meeting critical material demands [3]. Group 3: Economic Impact and Industry Collaboration - The industrial cluster around Jinchuan Group achieved a production value of 2.8 billion yuan in the first quarter of the year, reflecting a year-on-year growth of 27.3% [4]. - The collaboration with other companies has effectively addressed long-standing issues related to hazardous waste and by-product utilization in the region [4]. Group 4: Market Expansion and High-End Products - The company is expanding into high-end nickel alloys and copper foil markets, with products like "hand-torn nickel" achieving significant market differentiation [6]. - The copper foil project has reached full production capacity, with a monthly output of 900 tons, catering to high-end applications such as lithium batteries and 5G base stations [7]. Group 5: Future Development Strategy - Jinchuan Group aims to deepen the integration of its supply chain, focusing on vertical and horizontal expansion of its industrial chain to enhance product quality and production capabilities [7].

2025年06月09日 国泰君安期货商品研究晨报 观点与策略 | 黄金：非农小幅超预期 | 3 | | --- | --- | | 白银：技术突破 | 3 | | 铜：美元回升，限制价格上涨 | 5 | | 铝：区间震荡 | 7 | | 氧化铝：继续下行 | 7 | | 锌：上方偏承压 | 9 | | 铅：低位运行 | 10 | | 锡：止跌回升 | 11 | | 镍：现实支撑与弱势预期博弈，镍价震荡运行 | 13 | | 不锈钢：负反馈传导减产增加，钢价区间震荡 | 13 | | 碳酸锂：短期进口减量，长期供需过剩，震荡 | 15 | | 工业硅：情绪见顶，盘面具备下行动能 | 17 | | 多晶硅：现货具备下跌驱动，盘面空配为主 | 17 | | 铁矿石：预期反复，宽幅震荡 | 19 | | 螺纹钢：低位震荡 | 20 | | 热轧卷板：低位震荡 | 20 | | 硅铁：宽幅震荡 | 22 | | 锰硅：宽幅震荡 | 22 | | 焦炭：三轮提降落地，宽幅震荡 | 24 | | 焦煤：事故扰动，宽幅震荡 | 24 | | 动力煤：需求仍待释放，宽幅震荡 | 26 | | 原木：震荡反复 | 27 | | ...

Report Industry Investment Ratings - Not provided in the given content Core Viewpoints - The better-than-expected US non-farm payroll data eases market concerns about an impending economic slowdown, leading to a rebound in the US dollar index and US Treasury yields, and an increase in global risk appetite. The improvement in China's May PMI data and positive signals from the Sino-US leaders' call boost domestic risk appetite in the short term [3]. - For different asset classes, the report provides short - term outlooks: stocks may be short - term volatile with a suggestion of cautious long positions; bonds may be at a short - term high with a cautious wait - and - see approach; different commodity sectors have their own short - term trends and corresponding trading suggestions [3]. Summary by Related Catalogs Macro - Finance - **Overseas**: In May, the US non - farm payroll employment increased by 139,000, higher than the expected 130,000. Employment growth continued to slow under the influence of trade policy uncertainties, and the unemployment rate remained at a low of 4.2% for the third consecutive month. The better - than - expected data led to a rebound in the US dollar index and US Treasury yields and an increase in global risk appetite [3]. - **Domestic**: China's May PMI data improved, indicating continued expansion of overall economic output and accelerated economic growth, which helps boost domestic risk appetite in the short term. The Sino - US leaders' call released positive signals and also boosted domestic risk appetite [3]. - **Asset Outlook**: Stocks may be short - term volatile, with a suggestion of cautious long positions; bonds may be at a short - term high, with a cautious wait - and - see approach; different commodity sectors have their own short - term trends and corresponding trading suggestions [3]. Stock Index - Driven by sectors such as metals, communication services, and trade, the domestic stock market continued to rise slightly. The improvement in China's May PMI data and positive signals from the Sino - US leaders' call boost domestic risk appetite in the short term. The short - term trading logic focuses on US trade policy changes and trade negotiation progress. It is recommended to be short - term cautious and go long [4]. Precious Metals - Last week, the precious metals market showed a significant divergence, with silver strongly breaking through and driving the gold - silver ratio to quickly decline. Employment data concerns increased market volatility. There are still uncertainties in trade negotiations. Silver has a technical breakthrough and catch - up demand, and the gold - silver ratio may be repaired. Gold is expected to remain in a high - level shock, and a callback - buying strategy is recommended [5]. Energy and Chemicals - **Crude Oil**: The Canadian wildfires and decent US employment data led to a slight increase in oil prices. The impact of OPEC+ production increase remains at the long - term structural level, and oil prices are expected to remain stable in the near term and may weaken in the long term [6][7]. - **Asphalt**: Oil prices are consolidating, and the asphalt market is in a narrow - range shock. Demand has recovered to a limited extent, and the inventory de - stocking has stagnated. It will continue to fluctuate at a high level following crude oil in the short term [7]. - **PX**: PTA's operating rate has slightly increased, and PX demand will rise later. The supply will be tight in the future, but it will maintain a short - term shock pattern [7]. - **PTA**: Supply is expected to continue to increase in June. The downstream demand is in a negative feedback state, and it may shift to slight inventory accumulation. It is recommended to be bearish on high prices [7]. - **Ethylene Glycol**: After the speculation on ethane imports was falsified, and with the coal price just showing signs of bottoming out, the cost - pricing logic still exerts pressure on the market. Supply will increase significantly, and it may maintain a shock pattern in the near term [8]. - **Short Fibre**: It generally maintains a weak shock pattern. Terminal orders have recovered slower than expected, and downstream operating rates are expected to decrease. It will continue to operate in a shock in the short term [8]. - **Methanol**: Inventories in the inland and ports are rising. The port inventory accumulation process may slow down. Supply is loose, and demand is fair. It is expected to shock and repair in the short term, and prices may decline in the medium - to - long term [8]. - **PP**: Production is increasing, downstream operating rates are slightly falling, and inventories are rising significantly. The fundamentals are deteriorating, and prices are expected to be under pressure [8]. - **LLDPE**: Plants are restarting, downstream operating rates are slightly falling, and inventories are rising. The price is expected to move down due to the production - expansion expectation [9]. Non - Ferrous Metals - **Copper**: The Sino - US leaders' call restarts the negotiation, but the possibility of continued overly optimistic results is low, and attention may return to high - tariff risks. The copper ore supply is relatively tight, production is high, and demand may decline marginally. It will be in a short - term shock [10][11]. - **Aluminum**: Supply is rigid, production is high, and imports have increased significantly. Demand may decline marginally, but there is still an effect of export rush. There is no major substantial negative news in the short term [11]. - **Tin**: The supply of domestic tin ore is tight, and the resumption of production in Myanmar's Wa State may be delayed. Demand is in a seasonal off - peak, and inventories have decreased. Tin prices may continue to repair in the short term, but the upside is limited [12].

Investment Rating - The industry investment rating is "Outperform the Market" (expected to outperform the market index by more than 5% in the next 6 months) [66] Core Views - The macroeconomic outlook is marginally improving, which is expected to elevate the price center of industrial metals [4] - For precious metals, particularly gold, the resilience of the U.S. labor market is anticipated to support a long-term bullish trend for gold, driven by ongoing macroeconomic uncertainties and a weakening U.S. dollar [3][6] - In the copper market, domestic demand is gradually recovering, and the global demand for refined copper is expected to open up long-term growth opportunities [6] - The aluminum sector is expected to see prices rise due to a supply-demand imbalance, with domestic demand anticipated to grow under supportive policies [6] Summary by Sections Precious Metals - Gold prices have shown a slight increase, with COMEX gold futures rising by 0.54% to $3,331 per ounce as of June 6 [3] - The SPDR Gold ETF holdings increased by 0.4% to 934.2 tons, indicating a stable demand for gold amid macroeconomic uncertainties [3] Industrial Metals Copper - As of June 6, LME copper futures rose by 1.8% to $9,670.5 per ton, with domestic copper social inventory at 148,800 tons, reflecting a slight increase [5] - The LME copper inventory stood at 132,400 tons, showing a positive trend in demand resilience [5] Aluminum - LME aluminum futures increased by 0.1% to $2,451.5 per ton, with domestic aluminum social inventory at 504,000 tons, indicating a slight decrease [5] - The global electrolytic aluminum inventory continues to decline, supporting price stability [5] Investment Recommendations - The report suggests focusing on the gold, copper, and aluminum sectors due to their favorable market conditions [6] - Specific companies to watch include Chifeng Jilong Gold Mining for gold, Zijin Mining for copper, and Tianshan Aluminum for aluminum [6]

Investment Rating - The report maintains a recommendation for precious metals, indicating a bullish outlook due to various factors including U.S. tariff policies and inventory dynamics [1][2]. Core Views - The U.S. has announced an increase in tariffs on steel and aluminum, which has led to heightened risk aversion and a significant rise in precious metal prices. Gold and silver prices increased by 2.48% and 7.61% respectively compared to the previous week [7][8]. - Domestic aluminum ingot inventory continues to decrease, while aluminum rod inventory may begin to accumulate due to seasonal demand fluctuations [2][8]. - The report highlights the potential for silver to benefit from its dual role as an industrial metal in the renewable energy sector and as a financial safe haven [7][8]. Summary by Sections Industrial Metals - The report notes that the U.S. tariff increase has triggered market concerns regarding trade policies for other metals, leading to price increases in precious metals [1][7]. - Copper inventories have shown mixed trends, with SHFE copper inventory at 107,400 tons, up by 1,613 tons week-on-week, while LME copper inventory decreased by 17,475 tons to 132,400 tons [2][8]. Precious Metals - The report recommends several companies in the precious metals sector, including Chifeng Jilong Gold Mining, Zhongjin Gold, and Shandong Gold, among others [2][8]. - The report emphasizes the potential for silver prices to rise due to its industrial applications and current market conditions [7][8]. Aluminum Industry - Domestic aluminum ingot inventory decreased by 15,000 tons to 504,000 tons, while aluminum rod inventory saw a slight increase [7][8]. - The report discusses the establishment of a joint venture by Nanshan Aluminum in Indonesia for a caustic soda project, which is expected to enhance the company's supply chain resilience [8]. New Energy Metals and Minor Metals - The report indicates that tin prices have risen due to slow recovery in Myanmar's tin production and a decrease in social inventory, with national tin ingot social inventory at 8,998 tons, down by 257 tons week-on-week [3][8]. - The report recommends companies with growth potential in tin and tungsten sectors, such as Xingye Silver Tin and Zhangyuan Tungsten [8].