锡：回落整理

Group 1: Investment Rating - There is no information about the industry investment rating in the report. Group 2: Core View - The report indicates that tin is in a phase of decline and consolidation, with a trend strength of -1, suggesting a bearish outlook [1][3]. Group 3: Summary by Directory 1. Fundamental Tracking - Price and Volume Data: The closing price of the Shanghai Tin main contract was 392,650, with a daily decline of 11.00%, and the night - session closing price was 360,000, with a decline of 12.38%. The closing price of the LME Tin 3M electronic - disk futures was 45,605, with a decline of 9.87%. The trading volume of the Shanghai Tin main contract decreased by 277,948 to 190,922, and the position decreased by 1,757 to 38,322. The trading volume of the LME Tin 3M electronic - disk increased by 153 to 1,143, and the position decreased by 14 to 25,211 [2]. - Inventory Data: The inventory of Shanghai Tin decreased by 427 to 8,097, and the inventory of LME Tin increased by 10 to 7,105. The cancellation warrant ratio of LME Tin was 6.57%, with a decrease of 0.38% [2]. - Spot and Price Difference Data: The SMM 1 tin ingot price decreased by 35,900 to 392,750, the Yangtze River Non - ferrous 1 tin average price decreased by 31,000 to 392,500. The LME Tin (spot/three - month) spread decreased by 27 to - 227, the spread between the nearby contract and the consecutive first contract remained unchanged at 198,590, and the spread between the spot and the futures main contract increased by 6,130 to - 16,500 [2]. - Industrial Chain Price Data: The price of 40% tin concentrate (Yunnan) decreased by 35,900 to 378,750, the price of 60% tin concentrate (Guangxi) decreased by 35,900 to 382,750, the price of 63A solder bar decreased by 22,500 to 260,250, and the price of 60A solder bar decreased by 21,500 to 248,750 [2]. 2. Macro and Industry News - Iran's Foreign Ministry Spokesperson stated that the details of talks with the US are still in the decision - making stage. The Shanghai Futures Exchange issued a notice on market risk control. Ant CEO issued an internal letter to increase incentives for "pioneering contributions" in AI. Medvedev confirmed that Russia and the US are having secret consultations [4].