Ruida Futures(SZ:002961) Rui Da Qi Huo·2026-02-12 09:23Report Summary 1. Report Industry Investment Rating - Not mentioned in the report 2. Core Viewpoints - The US January non - farm report was overall strong, pushing back traders' expectations of the first interest rate cut from June to July. China's January CPI year - on - year increase fell to 0.2%, and PPI year - on - year decline narrowed to 1.4%. It's expected that Shanghai Tin will experience short - term shock adjustments, with attention on the 400,000 - yuan resistance level [3] 3. Summary by Relevant Catalog 3.1 Futures Market - The closing price of the futures main contract of Shanghai Tin was 391,320 yuan/ton, down 3,380 yuan; the closing price of the March - April contract of Shanghai Tin was down 480 yuan, with a 320 - yuan increase in the difference. LME 3 - month tin was 50,065 US dollars/ton, up 835 US dollars. The main contract position of Shanghai Tin was 28,260 lots, down 3,027 lots. The net position of the top 20 futures of Shanghai Tin was - 6,462 lots, down 973 lots. LME tin total inventory was 7,550 tons, up 120 tons. The inventory of Shanghai Futures Exchange was 8,750 tons, down 1,718 tons. LME tin cancelled warrants were 375 tons, down 25 tons. The warehouse receipts of Shanghai Futures Exchange were 10,296 tons, up 3,780 tons [3] 3.2 Spot Market - The SMM 1 tin spot price was 391,650 yuan/ton, up 2,950 yuan; the Yangtze River Non - ferrous Market 1 tin spot price was 394,110 yuan/ton, up 6,160 yuan. The basis of the Shanghai Tin main contract was 330 yuan/ton, up 6,330 yuan. LME tin premium (0 - 3) was - 152 US dollars/ton, up 7 US dollars [3] 3.3 Upstream Situation - The import volume of tin ore concentrates was 17,600 tons, up 2,500 tons. The average price of 40% tin concentrates was 377,650 yuan/ton, up 2,950 yuan; the average processing fee was 14,500 yuan/ton, unchanged. The average price of 60% tin concentrates was 381,650 yuan/ton, up 2,950 yuan; the average processing fee was 10,500 yuan/ton, unchanged [3] 3.4 Industry Situation - The monthly output of refined tin was 14,000 tons, down 1,600 tons; the import volume of refined tin was 2,239.1 tons, up 323.25 tons [3] 3.5 Downstream Situation - The price of 60A solder bars in Gejiu was 248,370 yuan/ton, up 2,000 yuan. The cumulative output of tin - plated sheets (strips) was 1.5287 million tons, up 138,700 tons. The export volume of tin - plated sheets was 142,900 tons, down 45,000 tons [3] 3.6 Industry News - Li Qiang called for comprehensively promoting AI technological innovation, industrial development and application. China's January CPI year - on - year increase fell from 0.8% to 0.2% due to the lunar new year month shift and international oil price changes; January PPI year - on - year decline narrowed to 1.4%. The US added 130,000 non - farm jobs in January [3] 3.7 Fundamental Analysis - On the supply side, Myanmar's resumption of production and the end of the rainy season led to an increase in domestic tin ore imports, with a continued increase expected in Q1, and a slight rise in tin ore processing fees. On the smelting side, most enterprises' raw material inventory was low, in a loss - making situation, and refined tin production was limited due to more year - end overhauls, but there was pressure for production to rebound after the Spring Festival. In terms of imports, Indonesia's tin exports increased, and the import window gradually opened, increasing import pressure. On the demand side, the development of the AI field will drive a significant increase in solder demand. Recently, tin prices rebounded, inventory increased, and the spot premium was maintained at 2,000 yuan/ton; LME inventory remained stable, and the spot premium rebounded [3] 3.8 Technical Analysis - Positions remained stable, prices were adjusted, and the trading between long and short positions became less active [3]