锡：强势上涨

Group 1: Report Industry Investment Rating - The investment rating for the tin industry is "strongly bullish", with a trend strength of 2, indicating the most bullish outlook [1][3] Group 2: Core View of the Report - The tin market is experiencing a strong upward trend, as evidenced by significant price increases in both futures and spot markets [1][2] Group 3: Summary Based on Related Catalogs 1. Fundamental Tracking - Futures and Spot Prices: The closing price of the Shanghai Tin main contract was 413,170 with a daily increase of 8.92%, and the night - session closing price was 436,540 with a night - session increase of 9.18%. The LME Tin 3M electronic disk closed at 54,000 with a daily increase of 9.88% [2] - Trading Volume and Open Interest: The trading volume of the Shanghai Tin main contract was 404,698, a decrease of 65,525 from the previous day, and the open interest was 42,405, a decrease of 448. The trading volume of the LME Tin 3M electronic disk was 1,536, a decrease of 14, and the open interest was 23,559, an increase of 271 [2] - Inventory and Cancelled Warrant Ratio: The Shanghai Tin inventory was 7,107, an increase of 862, and the LME Tin inventory was 5,930, unchanged. The cancelled warrant ratio of LME Tin was 6.57%, a decrease of 0.38% [2] - Spot and Price Spreads: The SMM 1 tin ingot price increased by 25,300 to 405,500, and the Yangtze River Non - ferrous 1 tin average price increased by 30,000 to 410,000. The LME Tin (spot/three - month) spread increased by 22 to - 65 [2] - Industry Chain Key Prices: The price of 40% tin concentrate in Yunnan increased by 25,300 to 393,500, and the price of 60% tin concentrate in Guangxi increased by 25,300 to 397,500 [2] 2. Macro and Industry News - The US will suspend all visas for 75 countries, covering nearly one - third of the world - US retail sales in November increased by 0.6% month - on - month, exceeding expectations, driven by a rebound in car sales and holiday consumption - The Japanese yen fell to an 18 - month low, and the Japanese Finance Minister warned of "not excluding any means" to rescue the market - China's Foreign Ministry stated that US officials said the US was withdrawing personnel from major Middle - East bases [4]