1. Report Information - Report Name: Nanhua Futures Tin Risk Management Daily Report - Date: August 7, 2025 - Research Team: Nanhua Non-ferrous Metals Research Team [1] 2. Core View - Tin prices showed a slight increase on Tuesday, indicating strong resilience. Supply - side issues are not easily resolved, and there are uncertainties in Myanmar's resumption of production. If the delay persists, tin prices may continue to rise slightly. The impact of weak demand on tin prices has not been fully reflected [3] 3. Tin Price Volatility and Forecast - Latest closing price: 266,940 yuan/ton - Monthly price range forecast: 245,000 - 263,000 yuan/ton - Current volatility: 14.36% - Current volatility's historical percentile: 26.1% [2] 4. Tin Risk Management Suggestions Inventory Management - For high finished product inventory and fear of price decline: - Strategy 1: Short Shanghai Tin main futures contract, selling 75% at around 275,000 yuan/ton - Strategy 2: Sell call options (SN2509C275000), selling 25% when volatility is appropriate [2] Raw Material Management - For low raw material inventory and fear of price increase: - Strategy 1: Long Shanghai Tin main futures contract, buying 50% at around 230,000 yuan/ton - Strategy 2: Sell put options (SN2509P245000), selling 25% when volatility is appropriate [2] 5. Factors Affecting Tin Prices Bullish Factors - Sino - US tariff policy easing - The semiconductor sector is still in the expansion cycle - Myanmar's resumption of production falls short of expectations [8] Bearish Factors - Repeated tariff policies - Myanmar's tin ore flowing into China - The semiconductor sector's expansion slows down and moves towards a contraction cycle [5][6] 6. Tin Futures and Spot Data Futures Data (Daily) | Futures Type | Unit | Latest Price | Daily Change | Daily Change Rate | | --- | --- | --- | --- | --- | | Shanghai Tin Main | yuan/ton | 266,940 | 0 | 0% | | Shanghai Tin Continuous 1 | yuan/ton | 266,940 | 0 | 0% | | Shanghai Tin Continuous 3 | yuan/ton | 267,280 | 0 | 0% | | LME Tin 3M | US dollars/ton | 33,230 | - 70 | - 0.21% | | Shanghai - London Ratio | Ratio | 8.02 | 0 | 0% | [7] Spot Data (Weekly) | Spot Type | Unit | Latest Price | Weekly Change | Weekly Change Rate | | --- | --- | --- | --- | --- | | Shanghai Non - ferrous Tin Ingot | yuan/ton | 267,600 | - 500 | - 0.19% | | 1 Tin Premium | yuan/ton | 400 | - 300 | - 42.86% | | 40% Tin Concentrate | yuan/ton | 255,600 | - 500 | - 0.2% | | 60% Tin Concentrate | yuan/ton | 259,600 | - 500 | - 0.19% | | Solder Bar (60A) Shanghai Non - ferrous | yuan/ton | 173,750 | - 500 | - 0.29% | | Solder Bar (63A) Shanghai Non - ferrous | yuan/ton | 181,250 | - 500 | - 0.28% | | Lead - free Solder | yuan/ton | 273,750 | - 500 | - 0.18% | [15] 7. Tin Import and Processing Data (Daily) | Data Type | Unit | Latest Price | Daily Change | Daily Change Rate | | --- | --- | --- | --- | --- | | Tin Import Profit and Loss | yuan/ton | - 15,412.62 | - 1,335.69 | 9.49% | | 40% Tin Ore Processing Fee | yuan/ton | 12,200 | 0 | 0% | | 60% Tin Ore Processing Fee | yuan/ton | 10,050 | 0 | 0% | [19] 8. Tin Inventory Data Daily Inventory Data | Inventory Type | Unit | Latest Quantity | Daily Change | Daily Change Rate | | --- | --- | --- | --- | --- | | Total Warehouse Receipt Quantity of Tin | tons | 7,358 | 75 | 1.03% | | Warehouse Receipt Quantity of Tin in Guangdong | tons | 4,905 | 57 | 1.18% | | Warehouse Receipt Quantity of Tin in Shanghai | tons | 1,582 | 18 | 1.15% | | Total LME Tin Inventory | tons | 1,875 | - 25 | - 1.32% | [24]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The recent rise in tin prices was mainly due to the boost to the non - ferrous metals sector from anti - involution, with no significant change in its own fundamentals. Given the oligopoly in the upstream and its suppression of the downstream, the price increase is understandable. In the short term, as the anti - involution hype fades, tin prices may decline slightly. Investors should also note the impact of various macro events in the last week of July on tin prices [3] 3. Summary by Relevant Catalogs 3.1 Price and Volatility - The latest closing price of tin is 266,660 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] 3.2 Risk Management Suggestions - **Inventory Management**: For high finished - product inventory and fear of price drops, sell 75% of Shanghai Tin main futures contracts at around 275,000 yuan/ton and 25% of call options (SN2509C275000) when volatility is appropriate [2] - **Raw Material Management**: For low raw - material inventory and fear of price increases, buy 50% of Shanghai Tin main futures contracts at around 230,000 yuan/ton and 25% of put options (SN2509P245000) when volatility is appropriate [2] 3.3 Factors Affecting Prices - **Positive Factors**: Sino - US tariff policy relaxation, the semiconductor sector still in an expansion cycle, and Myanmar's production resumption falling short of expectations [4] - **Negative Factors**: Tariff policy reversals, Myanmar's tin ore flowing into China, and the semiconductor sector's slowdown in expansion and transition to a contraction cycle [4] 3.4 Futures and Spot Market Data - **Futures**: The closing prices of Shanghai Tin main, continuous - first, and continuous - third contracts are 266,660 yuan/ton, 266,660 yuan/ton, and 266,930 yuan/ton respectively, with no daily change. LME Tin 3M is at 33,620 US dollars/ton, down 50 US dollars (-0.15%). The Shanghai - London ratio is 7.98, up 0.04 (0.5%) [5] - **Spot**: The price of Shanghai Non - ferrous tin ingots is 266,100 yuan/ton, down 200 yuan (-0.08%); 1 tin premium is 700 yuan/ton, up 200 yuan (40%); 40% and 60% tin concentrates are at 254,100 yuan/ton and 258,100 yuan/ton respectively, down 200 yuan (-0.08%); prices of various solder products remain unchanged [9] 3.5 Import and Processing Data - Tin import loss is 17,714.03 yuan/ton, with a daily change of 1,360.71 yuan (-7.13%). The processing fees for 40% and 60% tin ores are 12,200 yuan/ton and 10,550 yuan/ton respectively, with no daily change [14] 3.6 Inventory Data - Shanghai Futures Exchange tin inventory: The total warehouse receipt quantity is 7,529 tons, up 160 tons (2.17%); 4,833 tons in Guangdong, up 62 tons (1.3%); 1,821 tons in Shanghai, up 104 tons (6.06%). LME tin inventory is 1,820 tons, up 80 tons (4.6%) [19]

Report Overview - Report Title: Nanhua Futures Tin Risk Management Daily Report - Date: July 29, 2025 - Research Team: Nanhua Non - ferrous Metals Research Team Investment Rating - No investment rating for the industry is provided in the report. Core View - The recent rise in tin prices is mainly due to the boost of the non - ferrous metal sector from anti - involution, with little change in its own fundamentals. Given the obvious oligopoly situation in the upstream of tin and its suppression of the downstream, the price increase is understandable. In the short term, as the anti - involution hype fades, tin prices may decline slightly. Investors should also pay attention to the impact of various macro events in the last week of July on tin prices [3]. Summary by Category Price and Volatility - The latest closing price of tin is 267,880 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]. Risk Management Suggestions Inventory Management - For high finished - product inventory and concerns about price drops, with a long spot position, it is recommended to sell 75% of the Shanghai Tin main futures contract at around 275,000 yuan/ton and sell 25% of the SN2509C275000 call option when the volatility is appropriate [2]. Raw Material Management - For low raw - material inventory and concerns about price increases, with a short spot position, it is recommended to buy 50% of the Shanghai Tin main futures contract at around 230,000 yuan/ton and sell 25% of the SN2509P245000 put option when the volatility is appropriate [2]. Influencing Factors Bullish Factors - Easing of China - US tariff policies, the semiconductor sector being in an expansion cycle, lower - than - expected复产 in Myanmar, and anti - involution benefiting the entire non - ferrous metal sector [4]. Bearish Factors - Fluctuations in tariff policies, the inflow of Burmese tin ore into China, and the semiconductor sector's expansion slowing down and moving towards a contraction cycle [5]. Futures and Spot Market Data Tin Futures - The latest prices of Shanghai Tin main, continuous first, and continuous third contracts are 267,880 yuan/ton, 267,880 yuan/ton, and 267,960 yuan/ton respectively, with no daily change. The LME Tin 3M price is 33,670 US dollars/ton, down 470 US dollars (-1.38%). The Shanghai - London ratio is 7.94, up 0.08 (1.02%) [6]. Tin Spot - 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 268,800 yuan/ton, 700 yuan/ton, 256,800 yuan/ton, 260,800 yuan/ton, 174,750 yuan/ton, 182,250 yuan/ton, and 274,750 yuan/ton respectively, with weekly increases of 1,600 yuan/ton (0.6%), 200 yuan/ton (40%), 1,600 yuan/ton (0.63%), 1,600 yuan/ton (0.62%), 1,000 yuan/ton (0.58%), 1,000 yuan/ton (0.55%), and 1,500 yuan/ton (0.55%) respectively [9]. Inventory Data - The latest total warehouse receipt quantity of tin in the Shanghai Futures Exchange is 7,369 tons, up 244 tons (3.42%). The warehouse receipt quantity in Guangdong is 4,771 tons, up 135 tons (2.91%), and in Shanghai is 1,717 tons, up 109 tons (6.78%). The total LME tin inventory is 1,740 tons, up 50 tons (2.96%) [18]. Import and Processing Data - The tin import profit and loss is - 19,074.74 yuan/ton, with a change of 2,411.52 yuan (-11.22%). 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 [19].

Report Information - Report Name: Nanhua Futures Tin Risk Management Daily Report - Date: July 21, 2025 - Research Team: Nanhua Non - ferrous Metals Research Team [1] Investment Rating - Not provided Core View - Tin prices rose passively, and there is still some pressure above [3]. Key Points by Content 1. Tin Price Volatility and Risk Management - **Price Volatility**: The latest closing price of tin is 267,250 yuan/ton, the monthly price range forecast is 245,000 - 263,000 yuan/ton, the current volatility is 14.08%, and the current volatility historical percentile is 25.1% [2]. - **Risk Management Suggestions**: - **Inventory Management**: For high - level finished product inventory and fear of price decline, sell 75% of Shanghai Tin main futures contracts at around 275,000 yuan/ton and sell 25% of SN2509C275000 call options when volatility is appropriate [2]. - **Raw Material Management**: For low - level raw material inventory and fear of price increase, buy 50% of Shanghai Tin main futures contracts at around 230,000 yuan/ton and sell 25% of SN2509P245000 put options when volatility is appropriate [2]. 2. Factors Affecting Tin Prices - **Positive Factors**: Sino - US tariff policy relaxation, semiconductor sector in expansion cycle, Myanmar's resumption of production falling short of expectations, and anti - involution benefiting the entire non - ferrous metal sector [4]. - **Negative Factors**: Tariff policy fluctuation, inflow of Myanmar tin ore into China, and the semiconductor sector's expansion slowing down and moving towards a contraction cycle [5][6]. 3. Nanhua's View on Tin Prices - Tin prices are still in an overall oscillating trend recently. The macro - level US tariff policy change has limited impact on tin. In the short term, considering the imminent outflow of Myanmar ore and no signs of further improvement in downstream demand, the view that the upward pressure on tin prices is greater than the downward support still holds [7]. 4. Tin Futures and Spot Data - **Futures Data (Daily)**: - Shanghai Tin main contract: latest price 267,250 yuan/ton, daily increase of 2,710 yuan, daily increase rate of 1.02% [2][8]. - Shanghai Tin continuous - one contract: latest price 267,470 yuan/ton, daily increase of 2,840 yuan, daily increase rate of 1.07% [8]. - Shanghai Tin continuous - three contract: latest price 267,250 yuan/ton, daily increase of 2,900 yuan, daily increase rate of 1.1% [9]. - LME Tin 3M: latest price 33,355 US dollars/ton, daily increase of 285 US dollars, daily increase rate of 0.86% [9]. - Shanghai - London ratio: latest ratio 7.96, daily increase of 0.04, daily increase rate of 0.51% [9]. - **Spot Data (Weekly)**: - Shanghai Non - ferrous tin ingot: latest price 267,200 yuan/ton, weekly increase of 700 yuan, weekly increase rate of 0.26% [16]. - 1 tin premium: latest price 500 yuan/ton, weekly decrease of 100 yuan, weekly decrease rate of - 16.67% [16]. - 40% tin concentrate: latest price 253,500 yuan/ton, weekly decrease of 1,200 yuan, weekly decrease rate of - 0.47% [17]. - 60% tin concentrate: latest price 257,500 yuan/ton, weekly decrease of 1,200 yuan, weekly decrease rate of - 0.46% [17]. - Solder bar (60A) Shanghai Non - ferrous: latest price 172,250 yuan/ton, weekly decrease of 1,000 yuan, weekly decrease rate of - 0.58% [17]. - Solder bar (63A) Shanghai Non - ferrous: latest price 179,750 yuan/ton, weekly decrease of 1,000 yuan, weekly decrease rate of - 0.55% [17]. - Lead - free solder: latest price 271,250 yuan/ton, weekly decrease of 1,500 yuan, weekly decrease rate of - 0.55% [17]. 5. Tin Import and Processing Data - **Import Profit and Loss and Processing Fees (Daily)**: - Tin import profit and loss: latest price - 16,228.79 yuan/ton, daily decrease of 684.78 yuan, daily increase rate of 4.41% [19]. - 40% tin ore processing fee: latest price 12,200 yuan/ton, no change [19]. - 60% tin ore processing fee: latest price 10,550 yuan/ton, no change [19]. 6. Tin Inventory Data - **Shanghai Futures Exchange Inventory (Daily)**: - Total tin warehouse receipts: latest quantity 6,817 tons, daily increase of 104 tons, daily increase rate of 1.55% [23]. - Tin warehouse receipts in Guangdong: latest quantity 4,524 tons, daily increase of 122 tons, daily increase rate of 2.77% [23]. - Tin warehouse receipts in Shanghai: latest quantity 1,412 tons, daily decrease of 8 tons, daily decrease rate of - 0.56% [23]. - **LME Tin Inventory**: latest quantity 1,935 tons, daily decrease of 100 tons, daily decrease rate of - 4.91% [23].