Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The tin price showed a pattern of rising and then falling, with persistent upward pressure. It is expected to decline slightly in the coming week, with a weekly operating range of 262,000 - 272,000 yuan per ton [1]. - The mid - week increase in tin price was mainly due to the boost to the non - ferrous metal sector from anti - involution, while its own fundamentals remained largely unchanged. Considering the obvious oligopoly situation in the upstream of tin, the price increase is understandable. As the anti - involution heat fades, the tin price may decline slightly. Investors need to pay attention to the impact of various macro events in the last week of July on the tin price [1]. 3. Summary by Relevant Catalogs 3.1 Tin Futures盘面 Data (Weekly) - The futures prices of Shanghai tin all increased this week. The closing price of the Shanghai tin main contract was 271,630 yuan per ton, a weekly increase of 7,090 yuan or 2.68%. The London tin 3M price was 34,140 US dollars per ton, a weekly increase of 785 US dollars or 2.35%. The Shanghai - London ratio was 7.86, a weekly decrease of 0.06 or 0.76% [2]. 3.2 Tin Spot Data (Weekly) - The prices of various tin spot products all increased this week. For example, the price of Shanghai Non - ferrous tin ingots was 271,100 yuan per ton, a weekly increase of 5,600 yuan or 2.11%. The 1 tin premium was 700 yuan per ton, a weekly increase of 200 yuan or 40% [4]. 3.3 Tin Import Profit and Loss and Processing (Weekly) - Tin imports continued to be at a loss, with the latest loss at 21,486.26 yuan per ton, a weekly increase of 5,942.25 yuan or 38.23%. The 40% tin ore processing fee remained stable at 12,200 yuan per ton, and the 60% tin ore processing fee remained stable at 10,550 yuan per ton [7]. 3.4 Tin Inventory (Weekly) - The Shanghai Futures Exchange tin inventory was stable at around 7,000 tons, with the Shanghai tin warehouse receipt totaling 7,125 tons, a weekly increase of 308 tons or 4.52%. The LME tin inventory dropped significantly to 1,690 tons, a weekly decrease of 345 tons or 16.95%. The social inventory was 9,644 tons, a weekly decrease of 110 tons or 1.13% [1][10][11].