锡：宏观情绪偏弱

Group 1: Report Date and Industry Outlook - The report is dated March 19, 2026, and indicates that the macro - sentiment for tin is weak [1] Group 2: Research Analysts - The investment consulting analyst is Liu Yuxuan (License No.: Z0020476), and the contact person is Tang Wenhao (Futures License No.: F03152608) [2] Group 3: Fundamental Data of Tin Futures - The closing price of the Shanghai Tin main contract was 370,000, with a daily decline of 2.59%, and the night - session closing price was 357,660, with a decline of 3.39%. The closing price of the LME Tin 3M electronic disk was 45,345, with a decline of 3.21% [2] - The trading volume of the Shanghai Tin main contract was 198,364, a decrease of 23,965 from the previous day, and the position was 30,797, a decrease of 903. The trading volume of the LME Tin 3M electronic disk was 1,013, a decrease of 402, and the position was 22,097, a decrease of 991 [2] - The Shanghai Tin futures inventory was 11,312, a decrease of 361, and the LME Tin inventory was 8,965, an increase of 220. The LME Tin注销仓单 ratio was 6.57%, a decrease of 0.38% [2] Spot and Price Difference - The SMM 1 tin ingot price was 369,500, a decrease of 10,850 from the previous day; the Yangtze River Non - ferrous 1 tin average price was 368,400, a decrease of 12,200. The LME Tin (spot/three - month) spread was - 203, a decrease of 112 [2] - The spread between the near - month contract and the consecutive first contract was 174,570, a decrease of 2,740, and the spread between spot and the futures main contract was - 1,600, a decrease of 7,090 [2] Key Industrial Prices - The price of 40% tin concentrate (Yunnan) was 353,500, a decrease of 10,850; the price of 60% tin concentrate (Guangxi) was 357,500, a decrease of 10,850 [2] - The price of 63A solder bar was 245,250, a decrease of 7,000, and the price of 60A solder bar was 234,750, a decrease of 6,500 [2] Group 4: Macro and Industry News - The Fed kept interest rates unchanged as expected, pointed out the uncertainty of the Middle East impact, raised inflation expectations, and still expected one interest - rate cut this year [2] - The Middle East conflict escalated, with Israel and Iran attacking key energy facilities, causing a sharp rise in international oil and gas prices [4] - US inflation exceeded expectations across the board, with the February PPI up 3.4% year - on - year and the core PPI at 3.9%, a one - year high [4] - Trump said that his visit to China might be postponed by five to six weeks [4] Group 5: Trend Strength - The trend strength of tin is - 1, indicating a weak outlook. The trend strength ranges from - 2 (most bearish) to 2 (most bullish) [3]