国泰君安期货：锡：区间震荡

Report Industry Investment Rating - The investment rating for tin is "Range-bound" [1] Report's Core View - The report provides the latest data on tin's fundamentals, including price, trading volume, inventory, and key industrial chain prices, and also presents relevant macro and industry news [2][3] Summary by Related Catalogs Fundamental Tracking - Futures and Spot Market Data: The closing price of the Shanghai Tin main contract was 271,260 with a daily increase of 0.31%, and the night - session closing price was 272,130 with a night - session increase of 0.27%. The LME 3M electronic tin price was 34,700 with a daily increase of 0.19%. The trading volume of the Shanghai Tin main contract was 57,815, an increase of 9,155 from the previous day, and the position was 26,606, a decrease of 744. The trading volume of the LME 3M electronic tin was 180, a decrease of 9, and the position was 13,988, an increase of 53 [2] - Inventory Data: The Shanghai Tin inventory was 7,504, an increase of 22, and the LME tin inventory was 2,385, a decrease of 25. The LME tin注销仓单 ratio was 6.57%, a decrease of 0.38% [2] - Spot Price Data: The SMM 1 tin ingot price and the Yangtze River Non - ferrous 1 tin average price were both 271,100, an increase of 1,000 from the previous day. The LME tin (spot/three - month) spread was 45, an increase of 18 [2] - Industrial Chain Key Price Data: The price of 40% tin concentrate in Yunnan was 259,100, an increase of 1,000, and the price of 60% tin concentrate in Guangxi was 263,100, an increase of 1,000. The price of 60A solder bar was 175,750, an increase of 500 [2] Macro and Industry News - US inflation was basically in line with expectations. In August, the core CPI increased by 3.1% year - on - year and 0.3% month - on - month. The number of initial jobless claims in the US last week increased to 263,000, a nearly four - year high [3] - The European Central Bank kept interest rates unchanged for two consecutive meetings, believing that inflation pressure was under control. ECB President Lagarde made hawkish remarks [3] - China's State Council will carry out comprehensive reform pilot projects on the market - based allocation of factors in 10 regions [3] - China's Ministry of Commerce will closely monitor Mexico's tax - increasing trends and take necessary measures [3] - Alibaba open - sourced the Qwen3 - Next model [3] - Tesla's new growth point: The earliest delivery of the Model Y L in China will be in November, and its stock price rose 6% [4] Trend Intensity - The trend intensity of tin is 0, indicating a neutral view [5]