沪锡期货日报-20260213

1. Report Industry Investment Rating - Not provided 2. Core Viewpoints of the Report - The Shanghai tin futures market may enter a period of consolidation in the short - term as the upward momentum has weakened after continuous price increases, but the spot - futures discount pattern provides some support [6] 3. Summary by Relevant Catalog 3.1 Futures Market - The main contract of Shanghai tin (SN.SHF) showed a volatile consolidation trend today. The opening price was 399,930 yuan/ton, the highest was 401,080 yuan/ton, the lowest was 387,620 yuan/ton, and the closing price was 391,320 yuan/ton, up 0.88% from the previous trading day. The trading volume decreased significantly, and the open interest decreased, indicating that some funds started to take profits and leave the market [2] 3.2 Spot Market Basis Analysis - On February 12, 2026, the average price of domestic spot tin (Grade 1) was 394,110 yuan/ton, higher than the closing price of the main Shanghai tin futures contract, resulting in a futures discount of about 2,790 yuan/ton [3] 3.3 Market Dynamics - A wholly - owned subsidiary of Xingye Yinxing successfully issued a $200 million overseas sustainable development bond with a 3 - year term and a coupon rate of 7.40%. The funds will be used for project construction and working capital supplementation. This move helps the company expand overseas financing channels and has a positive demonstration effect on industry capital operation. Most of the A - share tin - related assets rose today, showing strong market confidence and indirectly supporting the Shanghai tin price [4][5] 3.4 Market Outlook - Technically, the upward momentum of the main Shanghai tin contract has weakened, and fundamentally, the spot - futures discount pattern supports the futures price. Considering the recent large price increase and the decrease in open interest, it may enter a period of volatile consolidation in the short - term [6]