隔夜受商品情绪转弱影响，沪锡大幅下挫，今日跌幅有所收窄，主力合约收跌4.68%，报326330元/吨。 此前贵金属及铜价屡创新高，在资金外溢效益下，基本面供需偏紧的沪锡获资金关注，最高上探35万关 口。但下游需求仍然疲软，对当前价格接受度有限，叠加缅甸复产进度提升，基本面边际出现走弱迹 象，沪锡高位回落。 2025年11月，中国锡矿砂及其精矿进口量为15,099.34实物吨（折合约5,578.04金属吨），同比微降 0.67%，但环比增长12.73%，显示进口节奏有所加快。其中，自缅甸进口量达7,190.21实物吨（折合约 1,636.05金属吨），同比大幅增长92.16%，环比激增89.94%，表明佤邦地区锡矿复产进程正逐步兑现。 据行业人士反馈，12月自缅甸进口的锡矿量保持稳定，且有望维持在2,000金属吨以上的水平，进一步 印证供应端边际改善的趋势。 由于锡价近期仍处于高位震荡区间，市场交投氛围冷清。贸易商普遍持谨慎态度，报价积极性下降，主 要反映当前价格已处相对高位，而下游接货意愿薄弱。终端用户多以观望为主，仅在价格回调时释放少 量刚需订单。整体来看，下游订单表现疲软，消费电子领域需求持续低迷，终端采 ...

国内锡矿原料供应依旧偏紧，尽管云南大部分企业原料库存水平略有回升，但当地锡矿原料的竞争依旧 较为激烈。江西地区，近期锡价大幅上涨带动部分废料流入市场，但年底终端消费疲软，废料供应量仍 维持低位，难以推动当地再生锡冶炼企业开工率回升。 沪锡震荡上涨，主力合约涨超2%。 （文华综合） ...

【市场资讯】 7月7日，伦敦金属交易所（LME）：锡注册仓单1445吨，注销仓单640吨，减少25吨；锡库存2085吨， 减少25吨。 7月4日沪锡期货库存录得7198.00吨，较上一交易日增加243.00吨。 数据显示，7月7日上海1#锡锭现货价格报价266800.00元/吨，相较于期货主力价格（263520.00元/吨） 升水3280.00元/吨。 （7月7日）今日全国锡价格一览表 | 规格 | 报价 | 报价类型 | 交货地 | 交易商 | | --- | --- | --- | --- | --- | | 品名:1#锡锭 ;牌号:Sn99.90 ; | 266850元/吨 | 市场价 | 上海 | 上海华通有色金属现货市场 | | 品名:1#锡锭 ;牌号:Sn99.90 ; | 267000元/吨 | 市场价 | 上海 | 上海物贸中心有色金属交易市场 | | 品名:1#锡锭 ;牌号:Sn99.90 ; | 266800元/吨 | 市场价 | 广东省 | 广东南储有色现货市场 | 期货市场上看，7月7日收盘，沪锡期货主力合约报263520.00元/吨，跌幅2.03%，最高触及268100.00元/ 吨 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The fundamentals of tin present a situation of strong current reality but weak future expectations, with a neutral strength - weakness analysis and a price range of 254,000 - 273,000 yuan/ton [3]. - The weekly tin price maintained a volatile pattern with a slight increase of less than 1%. The current fundamentals remain in a strong - reality and weak - expectation pattern. Although there was an unexpected progress in Sino - US trade negotiations, the long - term fundamentals of tin prices are still weak, and the back structure highlights the price expectation. It is recommended to focus on short - selling opportunities when the price is high based on the logic of weakening macro - demand and increasing supply near the middle of the year [5]. Summary by Directory 1. Transaction Aspect (Price, Spread, Inventory, Capital, Transaction, Position) 1.1 Spot - This week, the LME 0 - 3 discount was 83 US dollars/ton, and the domestic spot premium fell to 800 yuan/ton [9]. - Overseas premiums were basically flat compared with last week, and the premium in Southeast Asia increased slightly [14]. 1.2 Spread - This week, the tin inter - month structure changed from contango to back structure [17]. 1.3 Inventory - This week, the global total tin inventory decreased by 203 tons, the domestic social inventory decreased by 234 tons, and the futures inventory decreased by 148 tons [22]. - This week, the LME inventory decreased by 55 tons, and the ratio of cancelled warrants increased to 13.89% [25]. 1.4 Capital - As of this Friday, the settled funds for Shanghai tin were 144,840 million yuan, and the capital flow in the past 10 days was in the outflow direction [31]. 1.5 Transaction and Position - This week, the trading volume and open interest of Shanghai tin decreased slightly, while the open interest increased slightly [33]. - This week, the trading volume of LME tin continued to decline significantly from the previous high [39]. 1.6 Position - to - Inventory Ratio - This week, the position - to - inventory ratio of Shanghai tin decreased slightly [45]. 2. Tin Supply (Tin Ore, Refined Tin) 2.1 Tin Ore - In March 2025, the output of tin concentrates was 6,344 tons, a year - on - year decrease of 0.74%; the import volume was 8,323 tons, a year - on - year decrease of 4.83%, and the cumulative year - on - year decrease was 55.44% [49]. - This week, the processing fee for 40% tin ore in Yunnan decreased to 12,000 yuan/ton, and the processing fee for 60% tin ore in Guangxi, Jiangxi, and Hunan decreased to 8,800 yuan/ton. The import profit and loss level of tin ore decreased slightly [50]. 2.2 Smelting - In March 2025, the domestic tin ingot output was 15,080 tons, a year - on - year decrease of 3.06% [52]. 2.3 Import - In March 2025, the domestic tin ingot imports were 2,101 tons, exports were 1,673 tons, and the net import was 428 tons. Among them, the tin ingots imported from Indonesia to China were 1,093 tons. The latest import profit and loss was - 8,039 yuan/ton [62]. 3. Tin Demand (Tin Materials, End - Users) 3.1 Consumption - In March 2025, the apparent consumption of tin ingots was 15,708 tons, and the actual consumption was 13,379 tons, showing a slight increase from the previous month [66]. 3.2 Tin Materials - This week, the downstream processing fees remained stable, and the monthly operating rate of solder enterprises in March increased slightly [68]. 3.3 End - User Consumption - In March 2025, the output of end - user products generally increased both month - on - month and year - on - year. The output of integrated circuits, air conditioners, and washing machines reached the highest values over the years [75]. - In March 2025, the consumption performance of household appliances and new energy increased both year - on - year and month - on - month [77]. - This week, the Philadelphia Semiconductor Index rebounded, showing the same trend as the tin price [83].