锡：节前控制持仓

Report Summary Industry Investment Rating - No industry investment rating is provided in the report. Core View - The report suggests controlling positions in tin before the holiday [1]. Summary by Directory 1. Fundamental Tracking - Futures Data: The closing price of the Shanghai Tin main contract was 391,320 with a daily increase of 0.88%, and the night - session closing price was 376,330 with a decrease of 4.27%. The price of the LME Tin 3M electronic disk was 47,800 with a decrease of 4.52%. The trading volume of the Shanghai Tin main contract was 177,854, a decrease of 80,098 from the previous day, and the position was 28,260, a decrease of 3,027. The trading volume of the LME Tin 3M electronic disk was 628, an increase of 130, and the position was 24,416, a decrease of 737 [2]. - Inventory Data: The inventory of Shanghai Tin was 10,296, an increase of 3,780 from the previous day, and the inventory of LME Tin was 7,490, a decrease of 60. 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 391,650, an increase of 2,950 from the previous day; the Yangtze River Non - ferrous 1 tin average price was 393,900, an increase of 5,800. The LME tin (spot/three - month) spread was - 152, an increase of 7. The spot - to - futures main contract spread was - 800, a decrease of 6,900 [2]. - Industrial Chain Price Data: The price of 40% tin concentrate (Yunnan) was 377,650, an increase of 2,950; the price of 60% tin concentrate (Guangxi) was 381,650, an increase of 2,950. The price of 63A solder bar was 259,250, an increase of 1,500, and the price of 60A solder bar was 248,250, an increase of 2,000 [2]. 2. Trend Intensity - The trend intensity of tin is - 1, indicating a weak bearish view. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [3]. 3. Macro and Industry News - The People's Bank of China will conduct 100 billion yuan of outright reverse repurchase operations on February 13. Russia proposed in a memorandum to return to the US dollar system. Elon Musk praised Seedance 2.0, and ByteDance said it was "far from perfect". The Zhizhi GLM Coding Plan was sold out upon launch [4].