Group 1: Report Industry Investment Rating - The investment rating for the tin industry is "strongly bullish", with a trend strength of 2, indicating the most bullish outlook [1][3] Group 2: Core View of the Report - The tin market is experiencing a strong upward trend, as evidenced by significant price increases in both futures and spot markets [1][2] Group 3: Summary Based on Related Catalogs 1. Fundamental Tracking - **Futures and Spot Prices**: The closing price of the Shanghai Tin main contract was 413,170 with a daily increase of 8.92%, and the night - session closing price was 436,540 with a night - session increase of 9.18%. The LME Tin 3M electronic disk closed at 54,000 with a daily increase of 9.88% [2] - **Trading Volume and Open Interest**: The trading volume of the Shanghai Tin main contract was 404,698, a decrease of 65,525 from the previous day, and the open interest was 42,405, a decrease of 448. The trading volume of the LME Tin 3M electronic disk was 1,536, a decrease of 14, and the open interest was 23,559, an increase of 271 [2] - **Inventory and Cancelled Warrant Ratio**: The Shanghai Tin inventory was 7,107, an increase of 862, and the LME Tin inventory was 5,930, unchanged. The cancelled warrant ratio of LME Tin was 6.57%, a decrease of 0.38% [2] - **Spot and Price Spreads**: The SMM 1 tin ingot price increased by 25,300 to 405,500, and the Yangtze River Non - ferrous 1 tin average price increased by 30,000 to 410,000. The LME Tin (spot/three - month) spread increased by 22 to - 65 [2] - **Industry Chain Key Prices**: The price of 40% tin concentrate in Yunnan increased by 25,300 to 393,500, and the price of 60% tin concentrate in Guangxi increased by 25,300 to 397,500 [2] 2. Macro and Industry News - The US will suspend all visas for 75 countries, covering nearly one - third of the world - US retail sales in November increased by 0.6% month - on - month, exceeding expectations, driven by a rebound in car sales and holiday consumption - The Japanese yen fell to an 18 - month low, and the Japanese Finance Minister warned of "not excluding any means" to rescue the market - China's Foreign Ministry stated that US officials said the US was withdrawing personnel from major Middle - East bases [4]

Group 1: Report Industry Investment Rating - The investment rating for tin is "Oscillating Strongly" [1] Group 2: Core Viewpoints of the Report - The trend strength of tin is 1, with the range of trend strength values being integers in the [-2, 2] interval. The classification of strength levels is as follows: weak, relatively weak, neutral, relatively strong, and strong, where -2 indicates the most bearish and 2 indicates the most bullish [3] Group 3: Summary of Each Section 1. Fundamental Tracking - **Futures Data**: The closing price of the main contract of Shanghai Tin futures was 352,540 with a daily increase of 0.83%, and the night - session closing price was 359,980 with a night - session increase of 3.15%; the closing price of the LME Tin 3M electronic disk was 45,700 with a daily increase of 4.64% [2] - **Trading Volume and Open Interest**: The trading volume of the main contract of Shanghai Tin futures was 253,086, a decrease of 147,359 from the previous day, and the open interest was 40,737, an increase of 1,939; the trading volume of the LME Tin 3M electronic disk was 588, a decrease of 477, and the open interest was 23,214, an increase of 335 [2] - **Inventory Data**: The futures inventory of Shanghai Tin was 6,429, a decrease of 359; the futures inventory of LME Tin was 5,415, an increase of 10, and the cancelled warrant ratio was 6.57%, a decrease of 0.38% [2] - **Spot Prices and Spreads**: The SMM 1 tin ingot price was 349,750, a decrease of 5,300 from the previous day; the Yangtze River Non - ferrous 1 tin average price was 350,900, a decrease of 2,000; the LME tin (spot/three - month) spread was - 30, an increase of 9; the spread between the nearby contract and the consecutive first contract was 157,480, an increase of 3,620; the spread between the spot and the futures main contract was 1,260, an increase of 7,410 [2] - **Industrial Chain Key Price Data**: The price of 40% tin concentrate (Yunnan) was 337,750, a decrease of 5,300; the price of 60% tin concentrate (Guangxi) was 341,750, a decrease of 5,300; the price of 63A solder bar was 233,250, a decrease of 3,500; the price of 60A solder bar was 223,250, a decrease of 3,500 [2] 2. Macro and Industry News - Trump said there will be no more oil or funds flowing into Cuba - British officials have not ruled out the possibility of deploying troops in Greenland - The National Commercial Work Conference stated to deeply implement the special action to boost consumption - Trump was reported to have received a briefing on the military strike plan against Iran [4]

Group 1: Report Overview - Report Date: June 3, 2025 [1] - Report Title: Tin: Stop Falling and Rebound [1] Group 2: Analysts - Analyst 1: Wang Rong, Investment Consulting Qualification Number: Z0002529, Email: wangrong013179@gtjas.com [2] - Analyst 2: Liu Yuxuan, Investment Consulting Qualification Number: Z0020476, Email: liuyuxuan023982@gtjas.com [2] Group 3: Tin Fundamental Data Futures - **Shanghai Tin Main Contract**: Yesterday's closing price was 250,300 with a daily decline of 2.94%; night - session closing price was 250,300 with a night - session decline of 2.87%. Yesterday's trading volume was 149,442, an increase of 47,675 from the previous day; open interest was 33,504, an increase of 4,894 from the previous day [2]. - **LME Tin 3M Electronic Disk**: Yesterday's closing price was 30,545 with a daily increase of 1.04%. Yesterday's trading volume was 180, a decrease of 9 from the previous day; open interest was 13,988, an increase of 53 from the previous day [2]. Inventory - **LME Tin**: Yesterday's inventory was 2,605, a decrease of 75 from the previous day. The cancellation warrant ratio was 6.57%, a decrease of 0.38% from the previous day [2]. Spot and Price Difference - **SMM 1 Tin Ingot Price**: Yesterday it was 264,400, a decrease of 1,000 from the previous day [2]. - **Yangtze River Non - Ferrous 1 Tin Average Price**: Yesterday it was 251,100, a decrease of 7,800 from the previous day [2]. - **LME Tin (Spot/Three - Month) Premium**: Yesterday it was - 107, a decrease of 29 from the previous day [2]. - **Near - Month Contract to Consecutive First Contract Spread**: Yesterday it was 53,640, unchanged from the previous day [2]. - **Spot to Futures Main Contract Spread**: Yesterday it was - 6,770, a decrease of 8,670 from the previous day [2]. Industrial Chain Key Price Data - **40% Tin Concentrate (Yunnan) Price**: Yesterday it was 252,400, a decrease of 1,000 from the previous day [2]. - **60% Tin Concentrate (Guangxi) Price**: Yesterday it was 256,400, a decrease of 1,000 from the previous day [2]. - **63A Solder Bar Price**: Yesterday it was 179,250, a decrease of 500 from the previous day [2]. - **60A Solder Bar Price**: Yesterday it was 171,750, a decrease of 500 from the previous day [2]. Group 4: Macro and Industry News - Trade trends affected the US stock market. The S&P 500 index had a V - shaped reversal, with a thrilling start in June. The US dollar fell to a nearly three - year low. Gold rose nearly 3% during the session, and US crude oil rose more than 5% [2][3]. - The US claimed that China violated the consensus of the China - US Geneva economic and trade talks, and the Chinese Ministry of Commerce spokesperson firmly rejected the unreasonable accusations [2][3]. - Before the EU - US negotiations, the EU warned the US that if the talks failed, counter - measures would take effect by July 14 at the latest [2][3]. - The promotion of the US tariff policy was blocked, and the Trump administration sought help from the appellate court. The US Commerce Secretary said that even if the tariff policy was cancelled, the president still had the right to take other actions [2][3]. - The US ISM manufacturing index in May contracted for three consecutive months, and the import index hit a 16 - year low [2][3]. - The Fed's "in - vogue governor" Waller said there was no evidence of long - term inflation rising and still expected a rate cut later this year [2]. - Trump said the US did not allow Iran to conduct any uranium enrichment activities [4]. Group 5: Trend Intensity - Tin trend intensity: 1. The range of trend intensity values is an integer in the [- 2,2] interval. The strength levels are classified as weak, relatively weak, neutral, relatively strong, and strong. - 2 means the most bearish, and 2 means the most bullish [5].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - The tin price has broken below the oscillation range, and the trend strength of tin is -1, indicating a bearish view [1][4] 3. Summary by Related Catalogs 3.1 Fundamentals Tracking - **Futures Data**: The closing price of the Shanghai Tin main contract yesterday was 257,870 with a daily increase of 0.34%, and the night - session closing price was 251,810 with a decline of -2.28%. The price of the LME Tin 3M electronic disk was 30,850 with a decline of -2.05%. The trading volume and open interest of the Shanghai Tin main contract increased by 5,435 and 389 respectively compared to the previous day, while for the LME Tin 3M electronic disk, the trading volume decreased by 9 and the open interest increased by 53 [2] - **Inventory Data**: The inventory of Shanghai Tin decreased by 76 to 7,908, and the inventory of LME Tin remained unchanged at 2,680. The注销仓单 ratio of LME Tin was 6.57%, a decrease of 0.38% compared to the previous day [2] - **Spot and Spread Data**: The SMM 1 tin ingot price decreased by 1,000 to 264,400, and the Yangtze River Non - ferrous 1 tin average price decreased by 5,700 to 258,900. The LME tin (spot/three - month) spread decreased by 17 to -72 [2] - **Industrial Chain Price Data**: The prices of 40% tin concentrate in Yunnan and 60% tin concentrate in Guangxi decreased by 1,000, and the prices of 63A and 60A solder bars decreased by 500 [2] 3.2 Macro and Industry News - Trump's government temporarily restored the tariff policy after the appellate court approved the request to stop the ruling that blocked the tariff. The White House advisor is confident in overthrowing the court's ruling, and Goldman Sachs and Morgan Stanley warned that the impact of the court's ruling may be limited [3] - Trump met with Powell and asked for an interest - rate cut, but Powell insisted on policy independence [3] - The US economy shrank slightly in the first quarter, and labor data showed that the unemployment rate in May may rise [3] - A US judge will order the government to indefinitely maintain Harvard University's student visa program [3] - Huang Renxun plans to sell up to 6 million shares of NVIDIA, worth over $800 million [3] 3.3 Trend Intensity - The trend intensity of tin is -1, indicating a bearish view. The range of trend intensity is from -2 (most bearish) to 2 (most bullish) [4]