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沪锡期货日报-20251009
Guo Jin Qi Huo· 2025-10-09 09:30
1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The current Shanghai tin market is in a situation where macro factors are mixed. The long - term logic of tight supply and demand remains unchanged, but in the short term, due to weak demand before the National Day holiday, profit - taking by funds, and risk - aversion sentiment from trade frictions, the upside potential of prices is limited [11] 3. Summary by Related Catalogs 3.1 Variety Price - The total trading volume of 12 Shanghai tin futures contracts is 84,373 lots, and the total open interest of Shanghai tin contracts is 52,516 lots. Among them, the open interest of the Shanghai tin contract 2511 is 46,590 lots [6][7] - The closing price of the Shanghai tin 2511 contract today is 272,410 yuan/ton, the mainstream market quotation on the day is 271,400 yuan/ton, and the basis is - 1,010 yuan/ton [8] 3.2 Influencing Factors - Supply side: The long - term logic of tight global tin ore supply remains unchanged, but in the short term, the tin inventory on the London Metal Exchange (LME) has slightly accumulated. On September 26, the inventory increased by 35 tons to 2,775 tons compared with the previous day. The inventory change has put some pressure on the spot price and weakened the premium power on the spot side [10] - Demand side: As the National Day holiday approaches, downstream enterprises' stockpiling is coming to an end. The demand in traditional industries such as tin - plated sheets is approaching saturation, and the "new quality requirements" driven by AI and new energy have not yet formed short - term upward - pulling power. The light trading in the spot market has made it difficult for the spot price to rise and keep up with the fluctuating futures price [10]
沪锡市场周报:供应担忧库存增加,预计锡价震荡调整-20250905
Rui Da Qi Huo· 2025-09-05 09:32
瑞达期货研究院 「2025.09.05」 沪锡市场周报 供应担忧库存增加 预计锡价震荡调整 研究员: 添加客服 王福辉 期货从业资格号F03123381 期货投资咨询从业证书号Z0019878 关 注 我 们 获 取 更 多 资 讯 业务咨询 行情回顾:本周沪锡主力高位回落,周线涨跌幅为-2.22%,振幅2.86%。截止本周主力合约收盘报 价272460元/吨。 行情展望:宏观面,美国ISM服务业PMI扩张速度创半年最快,就业疲软,价格仍高企。美国8月ADP 就业增长大幅放缓至5.4万人。美国上周首申失业金人数23.7万,升至6月以来最高。基本面,缅甸 佤邦虽重启采矿证审批,但实际出矿需至四季度;刚果Bisie矿山计划分阶段恢复生产,目前锡矿 加工费维持历史低位。冶炼端,7月产量回升主要受部分企业复产、清理中间品等多重因素影响; 不过云南产区原料短缺依旧严峻;江西产区废料回收体系承压,开工率保持在较低水平。需求端, 下游加工企业处于旺季恢复期,订单恢复较为缓慢。近期锡价震荡下行,但多数下游及终端企业仍 持观望态度,部分下游企业少量采买,现货升水回升至200元/吨,国内库存增加。LME库存回升, 且现货升水下调 ...
南华锡周报:小幅上升,震荡为主-20250811
Nan Hua Qi Huo· 2025-08-11 00:21
1. Report Industry Investment Rating - The report does not explicitly mention an industry investment rating. 2. Core View of the Report - The tin price showed a slight increase during the week and is expected to mainly fluctuate in the future. The price resilience reflects the characteristics of relatively high supply concentration and relatively scattered downstream demand in the tin market. The repeated delay of the full resumption of tin mines in Myanmar has significantly supported the tin price and may have a continuous impact. The expected weekly operating range is between 262,000 - 269,000 yuan per ton [2]. 3. Summary by Relevant Catalogs 3.1. Disk Review - The Shanghai tin main futures contract slightly increased during the week, closing at 267,000 yuan per ton, with a spot premium of 400 yuan per ton on the Shanghai Metal Exchange. The SHFE inventory remained stable at around 7,800 tons, while the LME inventory slightly decreased to 1,710 tons. The tin import loss widened, and the 40% tin ore processing fee remained stable [1]. 3.2. Industrial Performance - According to Antaike's statistics, the total output of refined tin from 18 domestic smelters in July 2025 was 17,899 tons, a month - on - month increase of 3.3% and a year - on - year increase of 16.1%. In the first half of 2025, domestic sample enterprises produced 122,000 tons of refined tin, a year - on - year increase of 6.0%. Regionally, production in the Southwest, East, and Central China increased month - on - month by 3.5%, 6.7%, and 53.2% respectively, while production in South and North China decreased by 17.1% and 42.9% respectively. Year - on - year, production in the Southwest and South China increased by 24.9% and 61.6% respectively, while production in the East, Central, and North China decreased by 4.7%, 17.2%, and 50.0% respectively. Since July, the processing fee for 40 - degree tin concentrate in the mainstream domestic market has remained stable at 10,000 - 10,500 yuan per ton [2]. 3.3. Tin Futures Disk Data (Weekly) | Variety | Unit | Latest Price | Weekly Change | Weekly Change Rate | | --- | --- | --- | --- | --- | | Shanghai Tin Main | Yuan/ton | 267,780 | 2,830 | 1.07% | | Shanghai Tin Continuous 1 | Yuan/ton | 267,780 | 2,830 | 1.07% | | Shanghai Tin Continuous 3 | Yuan/ton | 268,060 | 2,840 | 1.07% | | LME Tin 3M | US dollars/ton | 33,605 | 390 | 1.17% | | Shanghai - London Ratio | Ratio | 7.9 | - 0.22 | - 2.71% | [3] 3.4. Tin Import Profit and Loss and Processing (Weekly) | Item | Unit | Latest Price | Weekly Change | Weekly Change Rate | | --- | --- | --- | --- | --- | | Tin Import Profit and Loss | Yuan/ton | - 16,411.96 | - 2,111.91 | 14.77% | | 40% Tin Ore Processing Fee | Yuan/ton | 12,200 | 0 | 0% | | 60% Tin Ore Processing Fee | Yuan/ton | 10,050 | 0 | 0% | [7] 3.5. Tin Inventory (Weekly) | Inventory Type | Unit | Latest Price | Weekly Change | Weekly Change Rate | | --- | --- | --- | --- | --- | | Shanghai Tin Warehouse Receipts: Total | Tons | 7,469 | 183 | 2.51% | | Shanghai Tin Inventory | Tons | 7,805 | 134 | 1.75% | | LME Tin Registered Warehouse Receipts | Tons | 1,390 | - 25 | - 1.77% | | LME Tin Cancelled Warehouse Receipts | Tons | 320 | - 215 | - 40.19% | | LME Tin Inventory | Tons | 1,710 | - 240 | - 12.31% | | Social Inventory | Tons | 9,644 | - 110 | - 1.13% | [10][12] 3.6. Tin Spot Data (Weekly) | Item | Unit | Latest Price | Weekly Change | Weekly Change Rate | | --- | --- | --- | --- | --- | | Shanghai Non - Ferrous Tin Ingot | Yuan/ton | 268,000 | 3,400 | 1.28% | | 1 Tin Premium | Yuan/ton | 400 | - 100 | - 20% | | 40% Tin Concentrate | Yuan/ton | 256,000 | 3,400 | 1.35% | | 60% Tin Concentrate | Yuan/ton | 260,000 | 3,400 | 1.33% | | Solder Bar (60A) Shanghai Non - Ferrous | Yuan/ton | 173,750 | 1,500 | 0.87% | | Solder Bar (63A) Shanghai Non - Ferrous | Yuan/ton | 181,750 | 2,000 | 1.11% | | Lead - Free Solder | Yuan/ton | 274,250 | 3,500 | 1.29% | [11]
沪锡市场周报:宏观利好需求淡季,预计锡价宽幅调整-20250704
Rui Da Qi Huo· 2025-07-04 09:05
1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - This week, the main contract of Shanghai Tin fluctuated weakly, with a weekly decline of -0.60% and an amplitude of 2.08%. As of the end of this week, the closing price of the main contract was 267,250 yuan/ton [4]. - Macroscopically, the non - farm payrolls in the US in June exceeded expectations, the unemployment rate unexpectedly dropped, and the Fed's interest - rate cut expectation decreased significantly. Fundamentally, the resumption progress of tin mines in Myanmar's Wa State is uncertain, and Thailand has restricted the import of tin ore. The Bisie mine in Congo plans to resume production in stages, and the tin ore processing fee remains at a historical low. On the smelting side, raw material shortages and cost pressures coexist in Yunnan, and the waste recycling system in Jiangxi is under pressure with a low operating rate. On the demand side, after the rush to install in the photovoltaic industry, the operating rate of some producers has decreased, and the electronics industry has entered the off - season with a strong wait - and - see attitude. Recently, the tin price has corrected, the spot premium has been lowered, and domestic inventories have increased slightly, but overseas inventories continue to decline [4]. - Technically, the positions are stable, and both long and short sides are cautious. Attention should be paid to the adjustment at the 270,000 yuan mark, with the 10 - day moving average providing support [4]. - It is recommended to wait and see for now, with a reference range of 266,000 - 272,000 yuan [4]. 3. Summary by Relevant Catalogs 3.1 Week - on - Week Summary - **Market Review**: The main contract of Shanghai Tin fluctuated weakly this week, with a weekly decline of -0.60% and an amplitude of 2.08%. As of the end of this week, the closing price of the main contract was 267,250 yuan/ton [4]. - **Market Outlook**: Macroeconomic factors include strong US employment data and a decrease in the Fed's interest - rate cut expectation. Fundamental factors involve supply uncertainties from Myanmar and Congo, and weak demand in the photovoltaic and electronics industries. Technically, positions are stable, and attention should be paid to the 270,000 yuan mark [4]. - **Strategy Recommendation**: It is recommended to wait and see, with a reference range of 266,000 - 272,000 yuan [4]. 3.2 Futures and Spot Market - **Price and Premium**: This week, the futures price fluctuated, and the spot premium was lowered. As of July 4, 2025, the closing price of Shanghai Tin was 266,990 yuan/ton, a decrease of 1,560 yuan/ton or 0.58% from June 27. As of July 3, 2025, the closing price of LME Tin was 33,805 US dollars/ton, a decrease of 5 US dollars/ton or 0.01% from June 27 [7]. - **Ratio Changes**: As of July 4, 2025, the current ratio of Shanghai Tin to Shanghai Nickel was 2.19, an increase of 0.05 from June 27. As of July 3, 2025, the Shanghai - LME Tin ratio was 7.94, an increase of 0.03 from June 26 [14]. - **Position Changes**: As of July 4, 2025, the position of Shanghai Tin was 55,224 lots, a decrease of 4,270 lots or 7.18% from June 27. As of June 27, 2025, the net position of the top 20 in Shanghai Tin was -1,309 lots, a decrease of 5,196 lots from June 23 [15][16]. 3.3 Industry Chain 3.3.1 Supply Side - **Tin Ore Import and Refined Tin Production**: In May 2025, the monthly import of tin ore concentrates was 13,448.80 tons, a month - on - month increase of 36.4% and a year - on - year increase of 60.66%. From January to May 2025, the cumulative import was 50,220.48 tons, a year - on - year decrease of 36.41%. In April 2025, the refined tin production was -0.01 million tons, a month - on - month decrease of -0.01%. From January to April 2025, the cumulative refined tin production was 5.98 million tons, a year - on - year increase of 1.7% [21][22]. - **Tin Ore Processing Fee**: On July 4, 2025, the processing fee for 60% tin concentrate was 6,500 yuan/ton, a decrease of 1,000 yuan/ton or 13.33% from June 27. The processing fee for 40% tin concentrate was 10,500 yuan/ton, a decrease of 1,000 yuan/ton or 8.7% from June 27 [25]. - **Refined Tin Import Window**: As of July 4, 2025, the import profit and loss of tin was -6,588 yuan/ton, a decrease of 5,725.45 yuan/ton from June 27. In May 2025, the import volume of refined tin was 2,076.34 million tons, a month - on - month increase of 84.07% and a year - on - year increase of 226.14%. From January to May 2025, the cumulative import was 10,869.42 million tons, a year - on - year increase of 27.52%. In May 2025, the export volume of refined tin was 1,769.65 million tons, a month - on - month increase of 8.12% and a year - on - year increase of 18.01%. From January to May 2025, the cumulative export was 9,739.35 million tons, a year - on - year increase of 39.71% [31][32]. - **Inventory Changes**: As of July 3, 2025, the total LME tin inventory was 2,165 tons, an increase of 50 tons or 2.36% from June 26. As of July 4, 2025, the total tin inventory was 7,198 tons, an increase of 243 tons or 3.49% from last week. As of July 4, 2025, the tin futures inventory was 6,807 tons, an increase of 256 tons or 3.91% from June 27 [38]. 3.3.2 Demand Side - **Philadelphia Semiconductor Index**: From January to May 2025, the integrated circuit production was 193.46 billion pieces, an increase of 23.18 billion pieces or 13.61% compared with the same period last year [41]. - **Domestic Tin - Plated Sheet Export**: As of May 2025, the tin - plated sheet production was 100,000 tons, the same as in April. As of May 2025, the export volume of tin - plated sheets was 173,578.75 tons, an increase of 27,066.23 tons or 18.47% from April [46].
瑞达期货沪锡产业日报-20250701
Rui Da Qi Huo· 2025-07-01 09:40
Report Summary 1. Investment Rating - No investment rating provided in the report. 2. Core View - Recently, the tin price has corrected, and the spot premium has rebounded to 600 yuan/ton, but the trading volume is light. Most downstream enterprises are waiting and watching at the current price, and the domestic inventory has increased slightly. However, overseas inventory continues to decline, the LME cancelled warrants have increased, and the premium has risen. The strong LME tin price has driven up the domestic price. Technically, the long - position has decreased, and attention should be paid to the adjustment at the 270,000 - yuan mark. It is recommended to wait and see for now, with a reference range of 266,000 - 272,000 yuan [3]. 3. Summary by Directory 3.1 Futures Market - The closing price of the main futures contract of Shanghai tin is 269,840 yuan/ton, up 1,730 yuan; the LME 3 - month tin price is 33,750 US dollars/ton, up 185 US dollars. The closing price of the August - September contract of Shanghai tin is 30 yuan/ton, up 50 yuan; the main contract position of Shanghai tin is 31,494 lots, up 10 lots. The net position of the top 20 futures is 75 lots, down 744 lots. The LME tin total inventory is 2,175 tons, unchanged; the Shanghai Futures Exchange inventory of tin is 6,955 tons, down 10 tons; the LME tin cancelled warrants are 650 tons, down 15 tons; the Shanghai Futures Exchange warehouse receipts of tin are 6,766 tons, up 16 tons [3]. 3.2 Spot Market - The SMM 1 tin spot price is 266,500 yuan/ton, down 700 yuan; the Yangtze River Non - ferrous Market 1 tin spot price is 266,790 yuan/ton, down 970 yuan. The basis of the Shanghai tin main contract is - 910 yuan/ton, down 1,040 yuan; the LME tin premium (0 - 3) is 127.5 US dollars/ton, up 7.49 US dollars [3]. 3.3 Upstream Situation - The import volume of tin ore and concentrates is 12,100 tons, down 2,900 tons. The average price of 40% tin concentrate is 257,000 yuan/ton, up 5,700 yuan; the average price of 60% tin concentrate is 261,000 yuan/ton, up 5,700 yuan. The processing fee of 40% tin concentrate by Antaike is 10,500 yuan/ton, unchanged; the processing fee of 60% tin concentrate by Antaike is 6,500 yuan/ton, unchanged [3]. 3.4 Industry Situation - The monthly output of refined tin is 14,000 tons, down 1,600 tons; the monthly import volume of refined tin is 3,762.32 tons, up 143.24 tons [3]. 3.5 Downstream Situation - The price of 60A solder bar in Gejiu is 173,200 yuan/ton, down 430 yuan. The cumulative output of tin - plated sheets (strips) is 1.6014 million tons, up 144,500 tons; the monthly export volume of tin - plated sheets is 140,700 tons, down 33,900 tons [3]. 3.6 Industry News - China's official manufacturing PMI in June rose for two consecutive months to 49.7, and the new order index returned to the expansion range. The non - manufacturing sector continued to expand. The manufacturing purchasing manager index, non - manufacturing business activity index, and comprehensive PMI output index were 49.7%, 50.5%, and 50.7% respectively, up 0.2, 0.2, and 0.3 percentage points from the previous month. China's Caixin manufacturing PMI in June was 50.4, higher than the expected 49.3 and the previous value of 48.3. Trump stated that there is no need to extend the upcoming tariff deadline and will directly send letters to hundreds of countries to notify them of the tariff rates. The resumption progress of tin mines in Wa State, Myanmar, has great uncertainty, and Thailand has banned the transit of tin ore from Myanmar, restricting the import supply of tin ore. The Bisie mine in Congo plans to resume production in stages, and the current tin ore processing fee remains at a historical low [3]. 3.7 Key Concerns - On the smelting side, the Yunnan production area is facing a shortage of raw materials and cost pressure, and the waste recycling system in the Jiangxi production area is under pressure, with the operating rate remaining at a relatively low level. On the demand side, after the rush to install photovoltaic power plants, the operating rate of some producers has decreased, and the electronics industry has entered the off - season, with a strong wait - and - see sentiment. There is no news today [3].