锡：下探后部分收复

Report Industry Investment Rating - No information about the industry investment rating is provided in the report 2. Core Viewpoints - The price of tin declined and then partially recovered on March 20, 2026, with a trend strength of 0, indicating a neutral outlook [1][3] 3. Summary by Relevant Catalogs 3.1 Fundamentals Tracking - Futures and Spot Market: The closing price of the Shanghai Tin main contract was 345,730, down 6.61%, and the night - session closing price was 345,820, down 2.31%. The LME Tin 3M electronic disk closed at 45,345, down 3.21%. The trading volume and positions of the two contracts also changed, with the Shanghai Tin main contract's trading volume increasing by 35,639 to 234,003 and positions decreasing by 996 to 29,801; the LME Tin 3M electronic disk's trading volume decreasing by 402 to 1,013 and positions decreasing by 991 to 22,097 [2] - Inventory and Warehouse - Receipt Data: The inventory of Shanghai Tin decreased by 1,037 to 10,275, and the inventory of LME Tin decreased by 10 to 8,955. The cancellation - warrant ratio of LME Tin was 6.57%, down 0.38% [2] - Spot and Price Difference: The SMM 1 tin ingot price was 369,500, down 10,850; the Yangtze River Non - ferrous 1 tin average price was 355,100, down 13,300. The LME Tin (spot/three - month) spread was - 213, down 10. Other spreads also showed different changes [2] - Industrial Chain Key Price Data: The prices of 40% tin concentrate in Yunnan, 60% tin concentrate in Guangxi, 63A solder bars, and 60A solder bars all decreased, with decreases of 10,850, 10,850, 7,000, and 6,500 respectively [2] 3.2 Macro and Industry News - White House officials stated that the US has no current plans to ban oil and gas exports - Trump said he had told Israel not to attack energy facilities in Iran - The China Securities Regulatory Commission held a symposium on the "15th Five - Year Plan" for the capital market with investment institutions - An American F - 35 fighter jet made an emergency landing, which was confirmed by the Iranian Revolutionary Guard [4]