Group 1 - The domestic futures market for non-ferrous metals showed significant gains, with the main contract for tin futures opening at 438,850.00 yuan/ton and reaching a high of 462,720.00 yuan, reflecting an increase of approximately 2.71% [1] - The overall macro environment is neutral to bullish, with precious metals leading the rise in non-ferrous metals. Weak supply of tin ore and strong demand expectations provide price elasticity, leading to increased market participation and potential for price volatility [2] - The geopolitical tensions have raised the risk premium in the metal sector, while the approval process for explosives in Wa State is accelerating, indicating a potential recovery in supply. However, downstream enterprises remain cautious due to high tin prices, leading to a low willingness to restock [2] Group 2 - Market sentiment is currently exuberant, with news affecting material realization potentially being exaggerated. While tin prices remain strong, caution is advised regarding potential market cooling and subsequent corrections [2] - The main trading range for tin futures is expected to be between 420,000 and 460,000 yuan, with a continued high-level fluctuation anticipated due to tight supply and ongoing geopolitical tensions [2]
下游企业补库意愿持续低迷 短期锡价易涨难跌
Jin Tou Wang·2026-01-26 07:05