锡：关注宏观情绪企稳情况

Report Summary 1. Report Industry Investment Rating - No investment rating was provided in the report [1] 2. Core View - The report monitors the fundamentals of tin, including price, trading volume, inventory, and industry chain prices, and also mentions some macro - and industry - related news, but does not present a clear core view [1][3] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures and Spot Data: - Prices: The closing price of the Shanghai Tin main contract was 352,430 with a daily increase of 1.91%, and the night - session closing price was 354,680 with a night - session increase of 0.69%. The price of the LME Tin 3M electronic disk was 44,820 with a daily increase of 2.35% [1] - Trading Volume and Position: The trading volume of the Shanghai Tin main contract was 215,643, a decrease of 33,699 from the previous day, and the position was 18,892, a decrease of 2,195. The trading volume of the LME Tin 3M electronic disk was 526, an increase of 82, and the position was 21,704, an increase of 161 [1] - Inventory: The inventory of Shanghai Tin was 8,144, a decrease of 408, and the inventory of LME Tin was 8,780, a decrease of 25. The cancellation warrant ratio of LME Tin was 6.57%, a decrease of 0.38% [1] - Spot Prices and Spreads: The SMM 1 tin ingot price was 357,600, an increase of 13,900 from the previous day. The Yangtze River Non - Ferrous 1 tin average price was 357,600, an increase of 14,200. The LME Tin (spot/three - month) spread was - 245, an increase of 21. The spread between the near - month contract and the consecutive - first contract was 157,000, an increase of 6,830. The spread between the spot and the futures main contract was 5,170, an increase of 9,740 [1] - Industry Chain Prices: The price of 40% tin concentrate (Yunnan) was 341,600, an increase of 13,900. The price of 60% tin concentrate (Guangxi) was 345,600, an increase of 13,900. The price of 63A solder bar was 237,750, an increase of 8,500, and the price of 60A solder bar was 227,750, an increase of 8,500 [1] 3.2 Trend Intensity - The trend intensity of tin is 0, indicating a neutral view. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [2] 3.3 Macro and Industry News - Google released KV cache compression technology, causing the US stock storage sector to decline collectively - Iran rejected the US cease - fire plan, stating that it would not allow Trump to decide the cease - fire time - Due to the blockage of the Strait of Hormuz, Saudi Arabia "seeks survival by changing routes", and the exports from the Red Sea port of Yanbu are approaching the target of 5 million barrels - Trump is forming a technology committee, and 13 industry leaders such as Zuckerberg, Huang Renxun, and Ellison may be nominated [3]