锡：关注宏观情绪

Group 1: Report Date and Title - The report is dated March 4, 2026, and focuses on tin, suggesting to pay attention to macro - sentiment [1] Group 2: Analysts' Information - The analysts are Liu Yuxuan (Investment Consulting Qualification No.: Z0020476) and Tang Wenhao (Futures Practicing Qualification No.: F03152608) [2] Group 3: Fundamental Data Futures and Spot Prices - The closing price of the Shanghai Tin main contract was 394,890 with a daily decline of 12.00%, and the night - session closing price was 387,840 with a decline of 8.31%. The LME Tin 3M electronic disk closed at 49,785 with a decline of 5.77% [2] Trading Volume and Open Interest - The trading volume of the Shanghai Tin main contract was 464,400, an increase of 1,501 from the previous day, and the open interest was 39,535, a decrease of 10,412. The trading volume of the LME Tin 3M electronic disk was 1,444, an increase of 742, and the open interest was 21,561, an increase of 75 [2] Inventory and Warehouse - Receipt Data - The inventory of Shanghai Tin was 11,316, a decrease of 215. The inventory of LME Tin was 7,730, an increase of 260, and the cancelled - warrant ratio was 6.57%, a decrease of 0.38% [2] Spot and Price - Spread Data - The SMM 1 tin ingot price was 412,950, a decrease of 21,050 from the previous day; the Yangtze River Non - ferrous 1 tin average price was 406,600, a decrease of 27,000. The LME Tin (spot/three - month) spread remained unchanged at 19. The spread of the near - month contract to the consecutive - first contract was 197,780, a decrease of 46,950, and the spot - to - futures main - contract spread was 11,710, an increase of 22,120 [2] Industrial Chain Price Data - The price of 40% tin concentrate in Yunnan was 396,950, a decrease of 21,050; the price of 60% tin concentrate in Guangxi was 400,950, a decrease of 21,050. The price of 63A solder bar was 272,750, a decrease of 13,500, and the price of 60A solder bar was 260,750, a decrease of 13,000 [2] Group 4: Macro and Industry News - The conflict between the US and Iran reignited "inflation concerns", and the probability of the Fed's second interest rate cut this year dropped to 50%. Wang Yi had a phone call with the Israeli Foreign Minister. Saudi Aramco is exploring a plan to export oil via the Red Sea to avoid the Strait of Hormuz. The stock markets of Japan and South Korea tumbled [2][4] Group 5: Trend Intensity - The trend intensity of tin is -1, with a range of [-2, 2], where -2 means the most bearish and 2 means the most bullish [3]