锡：关注风偏企稳情况

Group 1: Report Overview - Report date: March 5, 2026 [1] - Report topic: Tin - Pay attention to the stabilization of risk appetite [1] - Analysts: Liu Yuxuan, Tang Wenhao (contact person) [2] Group 2: Investment Rating - Tin trend strength: 1, indicating a neutral view, with the range of trend strength being [-2, 2], where -2 is most bearish and 2 is most bullish [3] Group 3: Core View - The report focuses on the stabilization of risk appetite for tin and provides detailed tracking of tin's fundamentals and relevant macro and industry news [1][2][4] Group 4: Fundamental Tracking Futures and Spot Data - Futures prices: The closing price of the Shanghai Tin main contract was 401,130 with a daily decline of 5.17%, and the night - session closing price was 406,590 with a 2.84% increase; the LME Tin 3M electronic disk closing price was 51,200 with a 2.84% increase [2] - Trading volume and open interest: The trading volume of the Shanghai Tin main contract was 383,838, a decrease of 80,562 from the previous day, and the open interest was 39,459, a decrease of 76; the trading volume of the LME Tin 3M electronic disk was 470, a decrease of 974, and the open interest was 21,677, an increase of 116 [2] - Futures inventory: The Shanghai Tin inventory was 10,898, a decrease of 418; the LME Tin inventory was 7,780, an increase of 50, and the注销仓单 ratio was 6.57%, a decrease of 0.38% [2] - Spot prices: The SMM 1 tin ingot price was 408,500, a decrease of 4,450; the Yangtze River Non - ferrous 1 tin average price was 410,900, an increase of 4,300; the LME tin (spot/three - month) spread was 19, unchanged; the spread between the near - month contract and the consecutive first contract was 204,170, an increase of 8,760; the spread between the spot and the futures main contract was 9,770, a decrease of 1,940 [2] Industrial Chain Key Price Data - The price of 40% tin concentrate (Yunnan) was 392,500, a decrease of 4,450; the price of 60% tin concentrate (Guangxi) was 396,500, a decrease of 4,450; the price of 63A solder bar was 269,750, a decrease of 3,000; the price of 60A solder bar was 258,250, a decrease of 2,500 [2] Group 5: Macro and Industry News - The US Defense Secretary said that the US - Iran conflict may last for 8 weeks or longer [4] - Qatar will completely stop liquefied natural gas production on Wednesday [4] - Demand has recovered, and the US ISM non - manufacturing activity in February reached the largest expansion rate since 2022 [4] - The EU is expected to be exempted from the US tariff increase to 15% [4]