1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The strengthening of tin prices on Tuesday afternoon may be related to smelters' production cut expectations, but both macro and fundamental factors have limited impact. The US retail sales data for July met expectations. On the fundamental side, the repeated postponement of the full resumption of production in Myanmar's tin mines has been significantly supporting tin prices and may have a continuous impact. In the short term, tin prices may remain volatile, with a stable macro environment and room for speculation on supply - side topics [3] - There are both positive and negative factors affecting tin prices. Positive factors include the easing of Sino - US tariff policies, the semiconductor sector being in an expansion cycle, and Myanmar's production resumption falling short of expectations. Negative factors include the vacillation of tariff policies, the inflow of Myanmar's tin ore into China, and the semiconductor sector's slowdown in expansion and transition from an expansion to a contraction cycle [4][5] 3. Summary by Relevant Catalogs 3.1 Tin Price Volatility and Risk Management - The latest closing price of tin is 267,840 yuan/ton, with a monthly price range forecast of 245,000 - 263,000 yuan/ton. The current volatility is 14.36%, and the historical percentile of the current volatility is 26.1% [2] - For inventory management with high finished - product inventory and concerns about price drops, it is recommended to sell 75% of the Shanghai Tin main futures contract at around 275,000 yuan/ton and sell 25% of the SN2510C275000 call option when the volatility is appropriate. For raw material management with low raw - material inventory and concerns about price increases, it is recommended to buy 50% of the Shanghai Tin main futures contract at around 230,000 yuan/ton and sell 25% of the SN2510P245000 put option when the volatility is appropriate [2] 3.2 Tin Futures and Spot Data - **Futures data**: The latest prices of Shanghai Tin main, Shanghai Tin continuous one, and Shanghai Tin continuous three are 267,840 yuan/ton, 268,070 yuan/ton, and 268,350 yuan/ton respectively, all with a daily change of 0. The price of LME Tin 3M is 33,775 US dollars/ton, with a daily increase of 5 US dollars and a daily increase rate of 0.01%. The Shanghai - London ratio is 7.88, with a daily decrease of 0.04 and a daily decrease rate of 0.51% [6] - **Spot data**: The latest prices of Shanghai Non - ferrous tin ingots, 1 tin premium, 40% tin concentrate, 60% tin concentrate, 60A solder bar, 63A solder bar, and lead - free solder are 267,500 yuan/ton, 400 yuan/ton, 255,500 yuan/ton, 259,500 yuan/ton, 173,750 yuan/ton, 181,250 yuan/ton, and 273,250 yuan/ton respectively, with weekly decreases of 2,700 yuan/ton, 0 yuan/ton, 2,700 yuan/ton, 2,700 yuan/ton, 2,000 yuan/ton, 2,000 yuan/ton, and 3,500 yuan/ton respectively [10] 3.3 Tin Import and Processing - The latest tin import profit and loss is - 19,038.82 yuan/ton, with a daily increase of 793.9 yuan and a daily increase rate of 4.35%. The processing fees for 40% and 60% tin ore are 12,200 yuan/ton and 10,050 yuan/ton respectively, with no daily change [15] 3.4 Tin Inventory - The latest total warehouse receipt quantity of tin on the Shanghai Futures Exchange is 7,329 tons, with a daily decrease of 184 tons and a daily decrease rate of 2.45%. The warehouse receipt quantities in Guangdong and Shanghai are 5,090 tons and 1,376 tons respectively, with daily decreases of 142 tons and 36 tons and daily decrease rates of 2.71% and 2.55% respectively. The total LME tin inventory is 1,630 tons, with a daily decrease of 25 tons and a daily decrease rate of 1.51% [17]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The strengthening of tin prices on Tuesday afternoon may be related to smelter production cut expectations, but both macro and fundamental factors have limited impact. Macroscopically, the US retail sales data in July met expectations. Fundamentally, the repeated delay of the full resumption of production in Myanmar's tin mines has been providing obvious support for tin prices and may have a continuous impact. In the short term, tin prices may remain volatile, with a stable macro environment and room for speculation on supply - side topics [3] 3. Summary by Relevant Catalogs 3.1 Tin Price Volatility and Risk Management - The latest closing price of tin is 268,090 yuan/ton, the monthly price range forecast is 245,000 - 263,000 yuan/ton, the current volatility is 14.36%, and the current volatility's historical percentile is 26.1% [2] - For inventory management with high finished - product inventory and fear of price decline, it is recommended to sell 75% of the Shanghai Tin main futures contract at around 275,000 yuan/ton and sell 25% of the SN2510C275000 call option when the volatility is appropriate. For raw material management with low raw material inventory and fear of price increase, it is recommended to buy 50% of the Shanghai Tin main futures contract at around 230,000 yuan/ton and sell 25% of the SN2510P245000 put option when the volatility is appropriate [2] 3.2 Factors Affecting Tin Prices - **Likely Positive Factors**: Sino - US tariff policy easing, the semiconductor sector still being in an expansion cycle, and Myanmar's resumption of production falling short of expectations [4] - **Likely Negative Factors**: Repeated tariff policies, the inflow of Myanmar's tin ore into China, and the semiconductor sector's expansion slowing down and gradually moving from an expansion cycle to a contraction cycle [5] 3.3 Tin Futures and Spot Data - **Futures Data**: The latest prices of Shanghai Tin main, Shanghai Tin continuous one, and Shanghai Tin continuous three are 268,090 yuan/ton, 268,320 yuan/ton, and 268,290 yuan/ton respectively, with no daily change. The latest price of LME Tin 3M is 33,770 US dollars/ton, with a daily increase of 100 US dollars and a daily increase rate of 0.3%. The Shanghai - London ratio is 7.92, with a daily increase of 0.01 and a daily increase rate of 0.13% [6] - **Spot Data**: The latest prices of Shanghai Non - Ferrous tin ingots, 40% tin concentrate, 60% tin concentrate, etc. have weekly declines, with the Shanghai Non - Ferrous tin ingot price at 266,200 yuan/ton, a weekly decline of 4,400 yuan and a weekly decline rate of 1.63% [12] 3.4 Tin Import and Inventory Data - **Import Data**: The latest tin import profit and loss is - 18,244.92 yuan/ton, with a daily decline of 855.39 yuan and a daily decline rate of 4.92%. The processing fees of 40% and 60% tin ore remain unchanged [16] - **Inventory Data**: The total warehouse receipt quantity of tin in the Shanghai Futures Exchange is 7,513 tons, with a daily decline of 74 tons and a daily decline rate of 0.98%. The total LME tin inventory remains unchanged at 1,655 tons [18]

Report Overview - Report Title: Nanhua Futures Tin Risk Management Daily Report - Date: June 26, 2025 - Research Team: Nanhua Non - ferrous Metals Research Team [1] Industry Investment Rating - Not provided in the report Core View - The fundamentals of tin remain stable. There are both利多 factors such as the easing of Sino - US tariff policies, the semiconductor sector being in an expansion cycle, and Myanmar's production resumption falling short of expectations, and利空 factors including the recurrence of tariff policies, Myanmar's production resumption, and the semiconductor sector's slowdown in expansion and transition to a contraction cycle [3][4][5][6] Key Points by Category 1. Tin Price Volatility and Risk Management - The latest closing price of tin is 263,000 yuan/ton, with a monthly price range forecast of 245,000 - 263,000 yuan/ton. The current volatility is 21.40%, and the historical percentile of the current volatility is 56.9% [2] - For inventory management with high finished - product inventory and concerns about price drops, it is recommended to sell short the main Shanghai tin futures contract at around 290,000 yuan/ton with a 100% hedging ratio and sell the call option SN2508C275000 with a 25% hedging ratio when the volatility is appropriate [2] - For raw material management with low raw - material inventory and concerns about price increases, it is recommended to buy long the main Shanghai tin futures contract at around 230,000 yuan/ton with a 50% hedging ratio and sell the put option SN2508P245000 with a 25% hedging ratio when the volatility is appropriate [2] 2. News and Factors - The fundamentals of tin remain stable [3] -利多 factors: easing of Sino - US tariff policies, the semiconductor sector in an expansion cycle, and Myanmar's production resumption falling short of expectations [4] -利空 factors: recurrence of tariff policies, Myanmar's production resumption, and the semiconductor sector's slowdown in expansion and transition to a contraction cycle [5][6] 3. Tin Futures and Spot Data Futures Data (Daily) - The latest price of the main Shanghai tin futures contract is 263,000 yuan/ton, with no daily change. The price of Shanghai tin continuous - one is 263,140 yuan/ton, and Shanghai tin continuous - three is 262,950 yuan/ton, both with no daily change. The price of LME tin 3M is 32,460 US dollars/ton, down 110 US dollars (- 0.34%). The Shanghai - London ratio is 8.04, down 0.01 (- 0.12%) [6] Spot Data (Weekly) - The price of Shanghai Non - ferrous tin ingots is 262,100 yuan/ton, down 2,200 yuan (- 0.83%). The 1 tin premium is 700 yuan/ton with no change. The price of 40% tin concentrate is 250,100 yuan/ton, down 2,200 yuan (- 0.87%), and the price of 60% tin concentrate is 254,100 yuan/ton, down 2,200 yuan (- 0.86%). The price of solder bar (60A) is 170,750 yuan/ton, down 1,000 yuan (- 0.58%), the price of solder bar (63A) is 177,750 yuan/ton, down 1,500 yuan (- 0.84%), and the price of lead - free solder is 268,250 yuan/ton, down 2,000 yuan (- 0.74%) [10][13] 4. Tin Import and Processing - The tin import profit and loss is - 12,717.24 yuan/ton, up 25.63% compared to the previous day. The 40% tin ore processing fee is 12,200 yuan/ton with no change, and the 60% tin ore processing fee is 10,550 yuan/ton with no change [15] 5. Tin Inventory - The total warehouse receipt quantity of tin in the Shanghai Futures Exchange is 6,472 tons, up 10 tons (0.15%). The warehouse receipt quantity in Guangdong is 4,117 tons, up 8 tons (0.19%), and in Shanghai is 1,430 tons, up 2 tons (0.14%). The total LME tin inventory is 2,155 tons, down 25 tons (- 1.15%) [20]