锡：假期间震荡平稳

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - During the holiday, the tin market showed stable fluctuations. The trend strength of tin is 1, indicating a neutral outlook [1][3] 3. Summary by Relevant Catalog 3.1 Fundamental Tracking - Futures Data: The closing price of the Shanghai Tin main contract was 326,330, down 2.47% from the previous day, with a trading volume of 441,257 (down 12,067 from the day before) and an open interest of 43,769 (down 6,392). The LME Tin 3M electronic disk closed at 42,195, up 5.46%, with a trading volume of 180 (down 9) and an open interest of 13,988 (up 53) [1] - Inventory Data: Shanghai Tin inventory was 7,772, down 133 from the previous day, and LME Tin inventory was 5,330, up 185. The cancellation - warrant ratio of LME Tin was 6.57%, down 0.38% [1] - Spot and Price Difference Data: The SMM 1 tin ingot price was 339,800 (down 800), the Yangtze River Non - ferrous 1 tin average price was 321,600 (down 22,300). The LME Tin (spot/three - month) spread was 95 (down 35), the spread between the nearby contract and the consecutive first contract remained unchanged at 130,660, and the spot - to - futures main contract spread was - 12,990 (down 18,340) [1] - Industrial Chain Key Price Data: The price of 40% tin concentrate in Yunnan was 327,800 (down 800), the price of 60% tin concentrate in Guangxi was 331,800 (down 800), and the prices of 63A and 60A solder bars remained unchanged at 227,250 and 217,750 respectively [1] 3.2 Macro and Industry News - The US launched an air strike on Venezuela, and Trump claimed to have captured Maduro and his wife. China called on the US to ensure their safety and stop regime - change efforts. Russia also urged the US to release Maduro [2] - OPEC+ will maintain the plan to suspend production increases in the first quarter [2] - Yushu Technology clarified that it has not applied for a "green channel" and its listing work is progressing normally [2] 3.3 Trend Intensity - The trend intensity of tin is 1, with the range of values being integers in the [-2, 2] interval. -2 represents the most bearish view, and 2 represents the most bullish view [3]