沪锡期货盘面仍维持谨慎偏多 继续关注资金行为

Group 1 - The domestic futures market for non-ferrous metals showed significant gains, with tin futures rising by 1.76% to 343,910.00 CNY/ton as of the report date [1] - Tin is recognized as a strategic metal, and its market stability is crucial for various sectors of the national economy. The China Nonferrous Metals Industry Association and the China Electronic Materials Association have urged market participants to maintain a rational and cautious approach [2] - The smelting operating rate in Yunnan and Jiangxi provinces remains high at 69.75%, a 0.41% increase from the previous month, indicating a recovery in supply. November saw imports of tin ore from Myanmar reach 7,190 tons, significantly higher than the 3,081 tons imported in the same month last year [2] Group 2 - Domestic tin solder enterprises have maintained stable operating rates, with a 0.95% increase in tin solder production in November compared to the previous month, supported by orders from emerging sectors like electric vehicles and AI servers [2] - Despite the stable production, high tin prices have significantly suppressed downstream purchasing willingness, leading to a subdued atmosphere in the spot market [2] - The market outlook remains cautious but slightly bullish, with expectations of demand growth from global liquidity, resilient macroeconomic conditions, and emerging sectors. However, increasing imports from Myanmar and recovering exports from Indonesia, along with rising inventories, limit the bullish fundamentals [3]