锡：窄幅震荡

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The tin market shows a narrow - range oscillation [1] - The trend strength of tin is - 1, indicating a relatively bearish view [4] Group 3: Summary of Related Catalogs 1. Tin Fundamental Data - Futures Prices and Changes: The closing price of the Shanghai Tin main contract yesterday was 261,480 with a daily increase of 0.10%, and the night - session closing price was 261,450 with a night - session increase of 0.30%. The LME Tin 3M electronic disk closed at 31,800 with a daily increase of 0.49% [2] - Trading Volume and Open Interest: The trading volume of the Shanghai Tin main contract yesterday was 104,324, an increase of 14,007 from the previous day, and the open interest was 30,964, a decrease of 979. The trading volume of the LME Tin 3M electronic disk was 180, a decrease of 9, and the open interest was 13,988, an increase of 53 [2] - Futures Inventory and Changes: The inventory of Shanghai Tin was 8,334, a decrease of 34, and the inventory of LME Tin was 2,755, unchanged. The cancellation warrant ratio of LME Tin was 6.57%, a decrease of 0.38% [2] - Spot Prices and Spreads: The SMM 1 tin ingot price was 263,000, an increase of 2,000 from the previous day; the Yangtze River Non - ferrous 1 tin average price was 261,900, an increase of 1,000. The LME tin (spot/three - month) spread was - 158, an increase of 7. The spot - to - futures main contract spread was 670, an increase of 740 [2] - Industrial Chain Key Prices: The price of 40% tin concentrate (Yunnan) was 250,500, an increase of 2,000; the price of 60% tin concentrate (Guangxi) was 254,500, an increase of 2,000. The price of 63A solder bar was 178,250, an increase of 1,000, and the price of 60A solder bar was 171,250, an increase of 1,500 [2] 2. Macro and Industry News - The UK and the US have reached an agreement on the terms of the tariff trade agreement, details to be finalized. Trump said the agreement with the UK is not a template, 10% may be the minimum, and tariffs on other countries may be higher [2][3] - The EU will sue the US at the WTO over tariffs and is preparing counter - measures against 95 billion euros of US imports, targeting cars, airplanes, and whiskey [2][3] - Trump called on people to "buy stocks", criticized Powell again for being slow, and said there is almost no inflation [2][3] - Facing tariff shocks, the Bank of England cut interest rates by 25 basis points as expected, but there were three - way differences in the decision - making [2][3] - Kazakhstan said it has no plan to cut oil production in May, challenging the OPEC+ led by Saudi Arabia [2][3] - The conflict between India and Pakistan escalated, with explosions in many places. The Pakistani stock market tumbled 7%, and the Indian rupee against the US dollar had its largest decline in more than three years [2] - Google responded to the decline in search traffic on Apple devices, saying it still sees continuous growth in the total number of search queries. Morgan Stanley said the threat of AI to search is over - exaggerated, and it's the best time to buy Google stocks [4]