Core Viewpoint - The tin market is experiencing downward pressure on prices due to seasonal demand weakness and the resumption of tin mining in Myanmar, leading to a significant price drop at the end of May [1][2]. Supply Side Analysis - The supply side remains a key focus, with rumors of resumed tin mining in Myanmar's Wa region contributing to price declines. The International Tin Association reported that production in Wa has fully resumed since late April, with the first batch receiving export permits by the end of May [2][3]. - China's tin concentrate imports hit a near-record low in April, with the Democratic Republic of Congo surpassing Myanmar as the largest source of imports. The recovery of Myanmar's production is expected to take time to reach historical capacity levels [2][3]. - As of the end of May, processing fees for tin concentrate in Yunnan and Jiangxi have dropped to their lowest levels in five years, indicating tightening supply affecting smelting profits. The overall refined tin supply may tighten due to reduced imports and ongoing inventory consumption [2][3]. Demand Side Analysis - Despite some resilience in demand, the overall performance is mixed. The photovoltaic sector shows growth, while the semiconductor industry has seen production increases but faces weakening in end-product demand [3][4]. - The PVC sector is operating at high rates but is experiencing significant losses, and the real estate market remains sluggish, impacting demand for PVC and related products [3][4]. - Domestic tin social inventory continues to decline and is at historically low levels, with increased replenishment willingness observed as prices drop significantly [3][4]. Market Outlook - The outlook for June indicates that while short-term price stabilization may occur, uncertainties regarding tariffs and the anticipated recovery in supply, coupled with marginal demand declines, will likely exert downward pressure on tin prices [2][4].

商 品 研 究 研 究 所 晨 会 投资咨询业务资格： 证监许可[2011]1771号 分[析Ta师ble_Report] 观 点 精 萃 从业资格证号：F0256916 投资咨询证号：Z0000671 电话：021-68756925 邮箱：jialj@qh168.com.cn 从业资格证号：F3033924 投资咨询证号：Z0013026 电话：021-68751490 邮箱：Liuhf@qh168.com.cn 刘兵 从业资格证号：F03091165 投资咨询证号：Z0019876 联系电话：021-58731316 邮箱：liub@qh168.com.cn 从业资格证号：F03089928 投资咨询证号：Z0019740 电话：021-68757092 邮箱：wangyil@qh168.com.cn 从业资格证号：F3077183 投资咨询证号：Z0016121 电话：021-68757092 邮箱：fengb@qh168.com.cn 从业资格证号：F03092124 投资咨询证号：Z0018827 电话：021-68758786 邮箱：mingdy@qh168.com.cn 能源化工：非农利好刺激， ...

证券研究报告|行业研究报告 [Table_Date] 2025 年 6 月 7 日 [Table_Title] 2025Q1 Renison 锡精矿产量/销量分别环比增长（- 27%）/3%至 2,432 吨/3,230 吨，锡 AISC 环比上涨 22%至 33,482 澳元/吨 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ►2025Q1 生产经营情况（Metals X 持有 Renison 50%股份， 除非有特殊说明，均为 100%基准） 1）产量 2025Q1 锡 C1 现金生产成本估计为 20,597 澳元/吨，环比 上涨 27%，同比上涨 12%。 2025Q1 锡 AISC 为 33,482 澳元/吨，环比上涨 22%，同比 上涨 2%。 2025Q1 Renison 锡精矿总产量达 2,432 吨，环比减少 27%，同比增长 7%。由于与丛林火灾相关的现场撤离和电力 供应中断，生产受到意外停机的影响。尽管出现了这些干扰， 处理厂的回收率仍保持在 80%以上。本季度面临的挑战包括由 于丛林火灾干扰导致的磨矿产量暂时停滞，以及由于浆料填充 顺序 ...

证券研究报告|行业研究报告 [Table_Date] 2025 年 6 月 7 日 [Table_Title] 2025Q1 Renison 锡精矿产量/销量分别环比增长（- 27%）/3%至 2,432 吨/3,230 吨，锡 AISC 环比上涨 22%至 33,482 澳元/吨 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ►2025Q1 生产经营情况（Metals X 持有 Renison 50%股份， 除非有特殊说明，均为 100%基准） 1）产量 2025Q1 Renison 锡精矿总产量达 2,432 吨，环比减少 27%，同比增长 7%。由于与丛林火灾相关的现场撤离和电力 供应中断，生产受到意外停机的影响。尽管出现了这些干扰， 处理厂的回收率仍保持在 80%以上。本季度面临的挑战包括由 于丛林火灾干扰导致的磨矿产量暂时停滞，以及由于浆料填充 顺序的时机导致的采矿顺序延迟。此外，处理厂在 3 月份进行 了计划停机，以完成必要的维护活动，如更换棒磨机衬里、进 行定期驱动器更换和修理浮选槽。在停机前的 48 小时内，由 于棒磨机下线以进行关键路径活动 ...

V期现日报 投资次输业务资格·证监许可 【2011】1292 2025年6月6日 林嘉施 Z0020770 | 价格及基差 | | | | | | | --- | --- | --- | --- | --- | --- | | | 现值 | 前值 | 日涨跌 | 日涨跌幅 | 单位 | | 304/2B (无锡宏旺2.0卷) | 13050 | 13100 | -50 | -0.38% | 元/吨 | | 304/2B (佛山宏旺2.0卷) | 13050 | 13050 | O | 0.00% | 元/吨 | | 期现价差 | 530 | 550 | -20 | -3.64% | 元/吨 | | 原料价格 | | | | | | | | 现值 | 前值 | 日涨跌 | 日涨跌幅 | 单位 | | 菲律宾红土镍矿1.5%(CIF)均价 | ਦਰੇ | ਦੌਰੇ | O | 0.00% | 美元/湿吨 | | 南非40-42%铬精矿均价 | 60 | ୧୦ | - J | -0.83% | 元/吨度 | | 8-12%高镍生铁出厂均价 | 957 | વેરૂદ | 1 | 0.05% | 元/镍点 | | 内 ...

有色早报 研究中心有色团队 2025/06/06 铜 ： 日期 沪铜现货 升贴水 废精铜 价差 上期所 库存 沪铜 仓单 现货进口 盈利 三月进口 盈利 保税库 premium 提单 premium 伦铜 C-3M LME 库存 LME 注销仓单 2025/05/29 145 564 98671 32165 -810.64 212.82 89.0 105.0 51.57 152375 74450 2025/05/30 175 665 105791 34128 -778.22 155.91 86.0 100.0 50.08 149875 74850 2025/06/03 215 1019 105791 31404 -652.82 409.92 85.0 100.0 52.31 143850 74375 2025/06/04 130 945 105791 31933 -863.51 389.51 81.0 98.0 48.48 141350 75025 2025/06/05 80 805 105791 31687 -1366.56 279.74 79.0 98.0 93.15 138000 83300 变化 -5 ...

. 贵金属有色金属产业日报 2025/6/5 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明 】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论和建议。 在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情形下做出修 改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行使独立判断。对交 易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻版、复制、发表、引用 或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有悖原意的引用、删节和修改。 本公司 ...

知识图强, 求实奉献, 客户至上, 合作共赢 | 产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 2025年6月5日 | | | | 林嘉施 | Z0020770 | | 价格及基差 | | | | | | | | 现值 | 前值 | 日涨跌 | 日涨跌幅 | 单位 | | SMM 1#电解键 | 123425 | 122850 | 575 | 0.47% | 76/11/2 | | 1#金川镇 | 124575 | 124050 | ર્સ્ટ | 0.42% | 元/肥 | | 1#金川镇升贴水 | 2500 | 2550 | -50 | -1.96% | 元/吨 | | 1#进口镇 | 122425 | 121800 | 625 | 0.51% | 元/吨 | | 1#进口镇升贴水 | 350 | 300 | 50 | - | 元/吨 | | LME 0-3 | -201 | -203 | 2 | -1.21% | 美元/吨 | | 期货进口盈亏 | -4760 | -3669 | ...

投资咨询业务资格： 证监许可[2011]1771号 [Table_Report] 分析师 贾利军 从业资格证号：F0256916 投资咨询证号：Z0000671 电话：021-68756925 邮箱：jialj@qh168.com.cn 明道雨 刘兵 从业资格证号：F03091165 投资咨询证号：Z0019876 联系电话：021-58731316 邮箱：liub@qh168.com.cn 王亦路 从业资格证号：F03089928 投资咨询证号：Z0019740 电话：021-68757092 邮箱：wangyil@qh168.com.cn 冯冰 从业资格证号：F3077183 投资咨询证号：Z0016121 电话：021-68757092 邮箱：fengb@qh168.com.cn 李卓雅 从业资格证号：F03144512 投资咨询证号：Z0022217 电话：021-68757827 邮箱：lizy@qh168.com.cn 从业资格证号：F03092124 投资咨询证号：Z0018827 电话：021-68758786 邮箱：mingdy@qh168.com.cn 刘慧峰 从业资格证号：F303392 ...

Core Viewpoint - Tin prices have rebounded due to market corrections after a significant decline, despite ongoing supply constraints and uncertain recovery from Myanmar's tin mines [1][2] Group 1: Supply Dynamics - Tin prices rose by 3.14%, closing at 257,940 yuan/ton, influenced by expectations of supply recovery from Myanmar, although these expectations remain unconfirmed [1] - Domestic supply of tin concentrate processing fees (TC) remains at historical lows, nearing smelter cost lines, which severely squeezes profit margins [1] - In May, China's refined tin production decreased by 2.37% month-on-month and 11.24% year-on-year, indicating a tightening supply chain [1] Group 2: Production and Capacity - The overall operating rate of domestic smelters has slightly declined due to ongoing supply chain constraints, with some smelting enterprises in Yunnan and Jiangxi planning maintenance shutdowns in June [1] - The tightening of tin concentrate and scrap supply continues to impose rigid constraints on production capacity [1] Group 3: Demand Trends - Demand remains stable, but future expectations are weak, with consumption growth in the tin end market driven by national policy support and product upgrades in the first four months of the year [1] - After a policy retreat in May, the photovoltaic market's consumption began to face pressure, while mid-year promotional activities are expected to boost demand in consumer electronics and new energy vehicles [1] - However, entering the traditional off-season in July and August, combined with high finished product inventories, may slow down the growth rate of tin terminal consumption [1] Group 4: Market Sentiment - Recent price declines have improved market sentiment for stocking up, although end customers maintain a cautious approach with general order situations [1] - Newhu Futures commented that while supply expectations have not yet materialized, the current situation remains tight, and low operating rates at smelters persist [2] - Domestic inventory has significantly decreased, while overseas stocks remain low, providing some short-term support for prices [2]