锡：回调整理

1. Report Industry Investment Rating - The report does not provide an industry investment rating [1][2][3] 2. Core View of the Report - The tin market is in a period of pullback and consolidation, with a trend strength of -1, indicating a bearish outlook [1][3] 3. Summary According to Relevant Catalogs 3.1 Fundamental Tracking - Futures and Spot Data: The closing price of the Shanghai Tin main contract yesterday was 409,000, with a daily decline of 8.32%, and the night - session closing price was 412,260, with a decline of 6.56%. The closing price of the LME Tin 3M electronic disk was 50,600, with a decline of 7.16%. The trading volume of the Shanghai Tin main contract increased by 103,163 to 468,870, and the position decreased by 8,589 to 40,079. The trading volume of the LME Tin 3M electronic disk decreased by 657 to 990, and the position increased by 360 to 25,225. The inventory of Shanghai Tin was 8,524, with no change, and the inventory of LME Tin was 7,095, also with no change. The cancellation warrant ratio of LME Tin was 6.57%, a decrease of 0.38% [2] - Spot and Price Difference Data: The SMM 1 tin ingot price was 428,650, a decrease of 9,950 compared to the previous day. The Yangtze River Non - ferrous 1 tin average price was 423,500, a decrease of 11,800. The LME tin (spot/three - month) premium was - 227, a decrease of 27. The spread between the near - month contract and the consecutive first contract was 212,570, a decrease of 37,180. The spread between the spot and the futures main contract was - 22,630, a decrease of 14,130 [2] - Industrial Chain Important Price Data: The price of 40% tin concentrate (Yunnan) was 414,650, a decrease of 9,950. The price of 60% tin concentrate (Guangxi) was 418,650, a decrease of 9,950. The price of 63A solder bar was 282,750, a decrease of 6,500. The price of 60A solder bar was 270,250, a decrease of 6,000 [2] 3.2 Macro and Industry News - BYD's new energy vehicle sales in January 2026 decreased by 30.11% year - on - year [2] - US - Russia representatives had a "fruitful and constructive" meeting in Florida, with Treasury Secretary Bessent participating [4] - Iran's Supreme Leader's advisor said that a negotiation framework with the US is gradually taking shape, contrary to the artificially created media war atmosphere [4] - Bitcoin fell below the $80,000 mark, reaching its lowest level since April last year [4]