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]

Report Industry Investment Ratings No relevant content provided. Core Views - Gold: Geopolitical tensions ease [2][4] - Silver: Falls from the oscillation platform [2][4] - Copper: The rising US dollar exerts pressure on prices [2][8] - Zinc: Ranges sideways [2][11] - Lead: Reduced inventory supports prices [2][14] - Tin: Monitor the stabilization of macro - sentiment [2][17] - Aluminum: Ranges within a certain interval; Alumina: Runs weakly; Cast aluminum alloy: Follows electrolytic aluminum [2][20] - Platinum: Oscillates with a bearish bias, and attention should be paid to the retracement elasticity; Palladium: Oscillates with a bearish bias [2][23] - Nickel: There are contradictions between macro and the mining end, and short - term long - short games intensify; Stainless steel: Overseas macro factors suppress, while real - world costs provide support [2][27] Summary by Commodity Gold and Silver - **Price and Trading Volume**: For gold, the closing price of Shanghai Gold 2602 was 940.00 with a daily decline of 9.55%, and the night - session closing price was 980.00 with a decline of 1.30%. For silver, the closing price of Shanghai Silver 2602 was 15498 with a daily decline of 12.30%, and the night - session closing price was 17246.00 with an increase of 3.47%. The trading volume and positions of gold and silver futures also changed to varying degrees [4]. - **Inventory and Spread**: The inventory of Shanghai gold decreased by 99 kilograms, and the inventory of Comex silver decreased by 1,989,464 ounces. The spreads of gold and silver also showed different changes, such as the spread between Gold T + D and AU2602 remaining unchanged at - 19.01 [4]. Copper - **Price and Trading Volume**: The closing price of the Shanghai copper main contract was 95,590 with a daily increase of 1.66%, and the night - session closing price was 96250 with an increase of 0.69%. The trading volume of the Shanghai copper index decreased by 105,601, and the position decreased by 1,739 [8]. - **Inventory and Spread**: The inventory of Shanghai copper decreased by 10,599 tons, and the inventory of LME copper increased by 900 tons. The LME copper cash - 3M spread decreased by 6.47 [8]. - **Industry News**: Zambia aims to triple copper production to over 3 million tons by 2031. Rio Tinto suspended the operation of its Kennecott copper mine in Utah after a worker died in an accident on March 12 [8][10]. Zinc - **Price and Trading Volume**: The closing price of the Shanghai zinc main contract was 22935 with a decline of 0.17%, and the closing price of the LME zinc 3M electronic disk was 3038.5 with a decline of 2.08%. The trading volume and positions of Shanghai zinc and LME zinc also changed [11]. - **Inventory and Spread**: The inventory of Shanghai zinc decreased by 1354 tons, and the inventory of LME zinc decreased by 625 tons. The LME CASH - 3M spread of zinc decreased by 3.97 [11]. Lead - **Price and Trading Volume**: The closing price of the Shanghai lead main contract was 16495 with an increase of 0.46%, and the closing price of the LME lead 3M electronic disk remained unchanged at 1898.5. The trading volume and positions of Shanghai lead and LME lead changed [14]. - **Inventory and Spread**: The inventory of Shanghai lead decreased by 1701 tons, and the inventory of LME lead decreased by 200 tons. The LME CASH - 3M spread of lead increased by 2.75 [14]. Tin - **Price and Trading Volume**: The closing price of the Shanghai tin main contract was 352,430 with an increase of 1.91%, and the night - session closing price was 354,680 with an increase of 0.69%. The trading volume of the Shanghai tin main contract decreased by 33,699, and the position decreased by 2,195 [17]. - **Inventory and Spread**: The inventory of Shanghai tin decreased by 408 tons, and the inventory of LME tin decreased by 25 tons. The LME tin (spot/three - month) spread increased by 21 [17]. Aluminum, Alumina, and Cast Aluminum Alloy - **Price and Trading Volume**: The closing price of the Shanghai aluminum main contract was 23860, and the closing price of the LME aluminum 3M was 3242. The trading volume and positions of aluminum, alumina, and cast aluminum alloy futures all changed [20]. - **Inventory and Spread**: The domestic aluminum ingot social inventory was 135.60 million tons, and the LME aluminum ingot inventory was 42.68 million tons. The spreads of aluminum, alumina, and cast aluminum alloy also showed different changes [20]. Platinum and Palladium - **Price and Trading Volume**: The closing price of platinum futures 2606 was 505.85 with an increase of 3.79%, and the closing price of palladium futures 2606 was 368.55 with an increase of 2.52%. The trading volume and positions of platinum and palladium futures changed [23]. - **Inventory and Spread**: The inventory of platinum and palladium futures remained unchanged in some cases, and the spreads of platinum and palladium also changed [23]. Nickel and Stainless Steel - **Price and Trading Volume**: The closing price of the Shanghai nickel main contract was 136,130, and the closing price of the stainless - steel main contract was 14,490. The trading volume and positions of nickel and stainless - steel futures changed [27]. - **Industry News**: The Indonesian government plans to revise the benchmark price formula for nickel ore, and some nickel mines in Indonesia and other regions have production changes, such as the planned restart of a nickel mine in Guatemala and production quota adjustments in Indonesia [27][28][30].

Report Industry Investment Rating No relevant information provided. Core Viewpoints - Gold: Geopolitical conflicts have broken out, and the price has experienced a nine - day consecutive decline [4][6]. - Silver: It has fallen from the oscillation platform [2]. - Copper: Disturbances have increased, and the price fluctuation range has been magnified [2][8]. - Zinc: It has rebounded from the bottom [2][11]. - Lead: It lacks a clear driving force, and the price fluctuates [2][15]. - Tin: Attention should be paid to macro - sentiment [2][18]. - Aluminum: Inventory accumulation has slowed down; Alumina: It is oscillating at a high level; Casting aluminum alloy: It follows electrolytic aluminum [2][22]. - Platinum: It has shown some recovery [27]. - Palladium: It mainly oscillates [26]. - Nickel: There are contradictions between the macro and the ore end, and the short - term long - short game has intensified; Stainless steel: It is suppressed by overseas macro factors and supported by real - world costs [2][31]. Summary by Related Catalogs Gold - **Price**: The closing price of Shanghai Gold 2602 was 940.00, with a daily decline of 9.55%, and the night - session closing price was 980.00, with a decline of 1.30%. The price of Comex Gold 2602 was 4410.40, with a decline of 1.82%. The price of London Gold spot was 4407.35, with a decline of 1.88% [4]. - **Trading Volume and Position**: The trading volume of Shanghai Gold 2602 was 386,422, an increase of 43,191 compared with the previous day, and the position was 62,764, a decrease of 6,229 [4]. - **Inventory**: The inventory of Shanghai Gold was 106,746 kilograms, a decrease of 99 kilograms compared with the previous day [4]. - **News**: Spot gold has experienced a nine - day consecutive decline. Trump said that the dialogue with Iran in the past two days was "fruitful", and the US is coordinating talks with Iran in Islamabad this week, but Iran denied the negotiation [4][6][7]. Silver - **Price**: The closing price of Shanghai Silver 2602 was 15498, with a daily decline of 12.30%, and the night - session closing price was 17246.00, with an increase of 3.47%. The price of Comex Silver 2602 was 69.320, with an increase of 2.23% [4]. - **Trading Volume and Position**: The trading volume of Shanghai Silver 2602 was 136,668, a decrease of 2,980 compared with the previous day, and the position was 55,828, a decrease of 3,257 [4]. - **Inventory**: The inventory of Shanghai Silver was 364,549 kilograms, an increase of 2054 kilograms compared with the previous day [4]. Copper - **Price**: The closing price of the Shanghai Copper main contract was 92,100, with a daily decline of 2.79%, and the night - session closing price was 94840, with an increase of 2.98%. The price of LME Copper 3M electronic disk was 12,221, with an increase of 3.27% [8]. - **Trading Volume and Position**: The trading volume of the Shanghai Copper index was 441,582, a decrease of 26,409 compared with the previous day, and the position was 576,091, an increase of 1,857 [8]. - **Inventory**: The inventory of Shanghai Copper was 274,115 tons, a decrease of 13,737 tons compared with the previous day. The inventory of LME Copper was 347,475 tons, an increase of 5,125 tons [8]. - **News**: Zambia aims to triple copper production by 2031. Rio Tinto suspended the operation of its Kennecott copper mine in Utah. China's refined copper production from January to February increased by 9% year - on - year, and Peru's copper production in January increased by 3% year - on - year [8][10]. Zinc - **Price**: The closing price of the Shanghai Zinc main contract was 22800, with a decline of 0.59%. The closing price of LME Zinc 3M electronic disk was 3056, with a decline of 0.57% [11]. - **Trading Volume and Position**: The trading volume of the Shanghai Zinc main contract was 120371, a decrease of 39372 compared with the previous day, and the position was 103488, a decrease of 2642. The trading volume of LME Zinc was 11509, a decrease of 7462, and the position was 206153, an increase of 27 [11]. - **Inventory**: The inventory of Shanghai Zinc was 100598 tons, a decrease of 1911 tons compared with the previous day. The inventory of LME Zinc was 117175 tons, a decrease of 500 tons [11]. - **News**: The US Energy Secretary said that the possibility of releasing strategic oil reserves again was low [12]. Lead - **Price**: The closing price of the Shanghai Lead main contract was 16395, with an increase of 0.64%. The closing price of LME Lead 3M electronic disk was 1889, with a decline of 0.42% [15]. - **Trading Volume and Position**: The trading volume of the Shanghai Lead main contract was 63444, a decrease of 13162 compared with the previous day, and the position was 89207, a decrease of 3934. The trading volume of LME Lead was 7154, a decrease of 3005, and the position was 174625, a decrease of 12316 [15]. - **Inventory**: The inventory of Shanghai Lead was 58024 tons, a decrease of 150 tons compared with the previous day. The inventory of LME Lead was 284075 tons, a decrease of 25 tons [15]. - **News**: The US is coordinating talks with Iran in Islamabad this week, but Iran denied the negotiation [16]. Tin - **Price**: The closing price of the Shanghai Tin main contract was 328,300, with a decline of 4.37%, and the night - session closing price was 348,950, with an increase of 3.23%. The price of LME Tin 3M electronic disk was 44,500, with an increase of 3.87% [19]. - **Trading Volume and Position**: The trading volume of the Shanghai Tin main contract was 268,175, a decrease of 36,348 compared with the previous day, and the position was 24,984, a decrease of 2,200. The trading volume of LME Tin 3M electronic disk was 944, a decrease of 232, and the position was 21,342, a decrease of 28 [19]. - **Inventory**: The inventory of Shanghai Tin was 8,978 tons, a decrease of 508 tons compared with the previous day. The inventory of LME Tin was 8,805 tons, a decrease of 115 tons [19]. Aluminum, Alumina, and Casting Aluminum Alloy - **Price**: The closing price of the Shanghai Aluminum main contract was 24020, a decrease of 160 compared with the previous day. The closing price of the Shanghai Alumina main contract was 3041, an increase of 14 compared with the previous day. The closing price of the aluminum alloy main contract was 22810, a decrease of 190 compared with the previous day [22]. - **Trading Volume and Position**: The trading volume of the Shanghai Aluminum main contract was 561560, an increase of 101192 compared with the previous day, and the position was 280023, a decrease of 12381. The trading volume of the Shanghai Alumina main contract was 707158, a decrease of 273561 compared with the previous day, and the position was 245836, a decrease of 22397. The trading volume of the aluminum alloy main contract was 8397, a decrease of 983 compared with the previous day, and the position was 4781, a decrease of 294 [22]. - **Inventory**: The domestic aluminum ingot social inventory was 135.70 million tons, unchanged compared with the previous day. The inventory of LME aluminum ingots was 42.97 million tons, a decrease of 0.31 million tons compared with the previous day [22]. - **News**: Iran denied the negotiation with the US, and the Fed official said that the short - term oil price fluctuation was not enough to change the expectation of four interest rate cuts this year [24]. Platinum and Palladium - **Price**: The closing price of platinum futures 2606 was 457.75, with a decline of 10.20%. The closing price of palladium futures 2606 was 327.85, with a decline of 11.12% [26]. - **Trading Volume and Position**: The trading volume of Shanghai Platinum was 19,143 kilograms, an increase of 10,450 compared with the previous day, and the position was 21,471 kilograms, a decrease of 2,175. The trading volume of NYMEX Platinum was 24.502 kilograms, a decrease of 6.866 compared with the previous day, and the position was 48,934 kilograms, an increase of 7.060. The trading volume of Shanghai Palladium was 7.127 kilograms, an increase of 3,530 compared with the previous day, and the position was 8.529 kilograms, a decrease of 746. The trading volume of NYMEX Palladium was 23,275 kilograms, an increase of 8.050 compared with the previous day, and the position was 46.161 kilograms, an increase of 146 [26]. - **Inventory**: The inventory of NYMEX Platinum was 579,274 ounces, unchanged compared with the previous day. The inventory of NYMEX Palladium was 248.374 ounces, an increase of 3.197 compared with the previous day [26]. - **News**: Japan is considering intervening in oil futures, and the Fed officials have different views on interest rate hikes and cuts [29]. Nickel and Stainless Steel - **Price**: The closing price of the Shanghai Nickel main contract was 132,980, a decrease of 180 compared with the previous day. The closing price of the stainless steel main contract was 14,035, a decrease of 30 compared with the previous day [31]. - **Trading Volume and Position**: The trading volume of the Shanghai Nickel main contract was 463,882, a decrease of 73,519 compared with the previous day. The trading volume of the stainless steel main contract was 232,842, a decrease of 93,283 compared with the previous day [31]. - **Industry News**: Indonesia plans to revise the benchmark price formula for nickel ore, and some nickel mines have production changes such as restarts, suspensions, and production quota adjustments [31][32][34].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Views of the Report - For soda ash, short - term prices show a phased rebound due to cost - increase expectations and macro - sentiment, but high supply and inventory may limit the upside. Consider short - selling opportunities after macro - disturbances weaken, with the SA2605 contract facing resistance around 1300 - 1350 yuan/ton [6] - For glass, the macro - sentiment still affects the market, and rising energy prices strengthen cost support. The FG2605 contract is expected to trade in the 1000 - 1170 yuan/ton range, and attention should be paid to seasonal demand, macro - impacts, and energy price changes [8] Group 3: Summary by Relevant Catalogs 3.1 Week - on - Week View Summary - **Soda Ash**: The plant operating rate is 86.38% (down 0.62% week - on - week), ammonia - soda method 90.45% (unchanged), and joint - alkali method 79.99% (up 0.44%). Weekly output is 81.81 tons (up 0.89 tons), with light - soda output at 38.41 tons (up 0.32 tons) and heavy - soda output at 43.40 tons (up 0.57 tons). Apparent demand is 89.60 tons (up 7.13 tons), light - soda 43.46 tons (up 4 tons), and heavy - soda 46.14 tons (up 3.13 tons). Enterprise inventory is 185.38 tons (down 4.97 tons), light - soda 46.31 tons (down 0.24 tons), and heavy - soda 89.07 tons (down 1.09 tons) [6] - **Glass**: Float - glass daily melting volume is 14.58 tons, down 0.75% compared to the 12th. There are 294 glass production lines in total, with 207 in operation and 87 cold - repaired. Photovoltaic glass in - production capacity is 89,360 tons/day, unchanged week - on - week and down 2.31% year - on - year. Total inventory of float - glass sample enterprises is 74.436 million weight boxes, down 1.86% week - on - week and up 7.16% year - on - year. The average order days of deep - processing sample enterprises is 6.11 days, down 3.74% compared to pre - holiday and 23.6% year - on - year [8] 3.2 Variety Details Decomposition 3.2.1 Market Review - Spot Price - Domestic soda - ash spot prices remain stable. As of March 19, 2026, in the central - China region, the heavy - soda market price is 1230 yuan/ton, and the light - soda is 1130 yuan/ton, with a price difference of 100 yuan/ton. In the north - China region, the heavy - soda market price is 1280 yuan/ton, and the light - soda is 1250 yuan/ton, with a price difference of 30 yuan/ton [14] - The main soda - ash contract price fluctuates weakly. As of March 19, 2026, the basis in the Shahe area is - 10 yuan/ton (up 10 yuan/ton week - on - week). The glass futures price is weakly sorted, and the glass basis in the Shahe area is - 89 yuan/ton (up 52 yuan/ton week - on - week) [17] - As of March 19, 2026, the soda - ash 5 - 9 spread is - 70 yuan/ton (down 4 yuan/ton week - on - week); the glass 5 - 9 spread is - 126 yuan/ton (down 11 yuan/ton week - on - week); the glass - soda - ash arbitrage spread is 152 yuan/ton (up 9 yuan/ton week - on - week) [22] 3.2.2 Fundamentals - Supply - Soda - ash weekly output is 81.81 tons (up 0.89 tons), light - soda output is 38.41 tons (up 0.32 tons), and heavy - soda output is 43.40 tons (up 0.57 tons). Supply is expected to decline due to some enterprise plant overhauls [28] - Soda - ash comprehensive capacity utilization rate is 86.38%, down 0.62% week - on - week. Ammonia - soda capacity utilization rate is 90.45% (unchanged), and joint - production capacity utilization rate is 79.99% (up 0.44%) [37] 3.2.3 Fundamentals - Inventory - As of March 19, 2026, soda - ash enterprise inventory is 185.38 tons (down 4.97 tons), light - soda inventory is 46.31 tons (down 0.24 tons), and heavy - soda inventory is 89.07 tons (down 1.09 tons) [41] - Total inventory of float - glass sample enterprises is 74.436 million weight boxes, down 1.86% week - on - week and up 7.16% year - on - year. The inventory - conversion days are 33.7 days, 0.2 days less than the previous period [52] 3.2.4 Fundamentals - Demand - Soda - ash apparent demand is 89.60 tons, with an increase of 7.13 tons week - on - week. Light - soda apparent demand is 43.46 tons (up 4 tons), and heavy - soda is 46.14 tons (up 3.13 tons) [45] - As of March 16, 2026, the average order days of deep - processing sample enterprises is 6.11 days, down 3.74% compared to pre - holiday and 23.6% year - on - year [52] 3.2.5 Fundamentals - Soda Ash Cost and Profit - As of March 19, 2026, the theoretical profit of ammonia - soda method soda ash in China is - 25.3 yuan/ton, up 0.90 yuan/ton week - on - week; the theoretical profit (dual - tons) of joint - alkali method soda ash is 227.5 yuan/ton, up 61.5 yuan/ton week - on - week [55] 3.2.6 Fundamentals - Glass Cost and Profit - No specific content provided in the given text

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals industry, indicating an expected performance that exceeds the broader market by over 10% [2][14]. Core Insights - The report emphasizes the importance of monitoring low-level investment opportunities amidst pressured macroeconomic sentiment [1]. - It highlights the potential for recovery in demand as seasonal factors come into play, particularly in the context of geopolitical tensions affecting aluminum prices and the increasing value of gold allocations [4][6]. Summary by Sections Copper - The report notes that macroeconomic sentiment is under pressure, with a focus on downstream demand support. Recent prices for LME copper and SHFE copper were $12,022 and $94,740 per ton, reflecting week-over-week declines of 5.8% and 5.6% respectively. The copper concentrate processing fee has dropped significantly, indicating tight supply [6][10]. Precious Metals - The report suggests that there are opportunities for reallocation following recent adjustments in precious metals. SHFE gold and London spot gold prices were reported at ¥1,039.2 per gram and $4,595.1 per ounce, with week-over-week declines of 8.3% and 8.6% respectively. The volatility of gold has decreased, suggesting a potential stabilization in prices [6][10]. Aluminum - The aluminum sector is experiencing a pullback, with LME aluminum and SHFE aluminum prices at $3,329 and $24,020 per ton, down 5.4% and 3.8% week-over-week. The report indicates a high operating rate for electrolytic aluminum and a slight increase in processing rates, suggesting a recovery trend [6][10]. Minor Metals - Tungsten prices remain firm, while rare earths are under short-term pressure. The report notes that tungsten concentrate prices were at ¥1.025 million per ton, down 1.9% week-over-week. The Ministry of Commerce's new export controls on rare earths may lead to increased demand for non-restricted products [6][10]. Steel - The steel sector is seeing improvements in demand due to increased new home transactions and a faster resumption of construction activities. SHFE rebar and hot-rolled coil prices were reported at ¥3,123 and ¥3,297 per ton, with a slight decrease in rebar prices and a marginal increase in hot-rolled coil prices [7][10].

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - Macro sentiment and Myanmar's accelerated resumption of production are suppressing the tin market, and downstream demand orders have not shown a significant recovery, causing tin prices to decline under pressure and fluctuate [6] 3. Summary by Relevant Catalogs 3.1 Macro Aspect - The US PPI in February rose 3.4% year-on-year, higher than the market expectation of 3.0% and significantly accelerating from the previous value of 2.9%. The number of initial jobless claims in the US last week unexpectedly dropped to 205,000, the lowest this year. Fed Chair Powell made hawkish remarks, the Fed kept interest rates unchanged and raised inflation expectations. After the escalation of the US-Iran conflict, the market postponed the expectation of interest rate cuts to 2027. Later, positive remarks from Israel and the US's relaxation of crude oil supply policies eased the situation, and the decline of tin prices narrowed and recovered [3] 3.2 Tin Ore - In February 2026, China's tin ore imports were 17,100 tons (equivalent to about 5,034 metal tons), a month-on-month decrease of 3.69% and a year-on-year increase of 96.04%. The cumulative imports from January to February were 35,000 tons, with a cumulative year-on-year increase of 88.05%. At the beginning of 2026, Myanmar's supply significantly recovered, with cumulative imports of 13,501 physical tons from January to February, a year-on-year surge of 174.96%, and the proportion quickly rebounded from 26.42% in the same period of 2025 to 38.63%. The recovery of Myanmar's supply was the main reason for the increase in total imports. Imports from sources other than Myanmar also increased simultaneously, with a cumulative 21,444 tons from January to February, a year-on-year increase of 56.79%, indicating the promotion of diversification but with a slower growth rate than Myanmar [7] 3.3 Refined Tin Production and Imports/Exports - In February 2026, China's refined tin production was 11,490 tons, a month-on-month decrease of 0.06% and a year-on-year decrease of 23.91%. Affected by the Spring Festival holiday and tight raw materials, the supply of tin ore in Yunnan showed a seasonal decline in February. It is expected that domestic smelters will gradually resume production in March, and the supply is expected to gradually recover. In February, the production of recycled refined tin was 1,770 tons, a month-on-month decrease of 46.69% and a year-on-year decrease of 40.2%. From January to February 2026, the cumulative imports of tin ingots were 3,269 tons, a year-on-year decrease of 22.22%, indicating weak overall demand. In January, the imports were 1,101 tons, and in February, they were 2,168 tons (a month-on-month surge of 96.91% and a year-on-year increase of only 16%), and the jump was mainly due to the disturbance of the arrival rhythm. From January to February 2026, the exports of tin ingots were 2,819 tons, a year-on-year sharp decrease of 37.41%. In February, the exports were 1,216 tons, a month-on-month decrease of 24.14% and a year-on-year decrease of 48.76% [7] 3.4 Inventory - During the week, Shanghai tin fell below the key point, and the social inventory of tin ingots decreased significantly. As of March 20, the total social inventory of SMM tin ingots in three places was 10,977 tons, a decrease of 2,380 tons compared with last week's inventory data. The LME inventory decreased by 35 tons to 8,920 tons [4] 3.5 Consumption - The performance of the traditional consumption peak season was lower than expected. Downstream buyers mainly made purchases based on rigid demand. The overall transaction in the spot market was first dull and then active, and there was concentrated bargain hunting when the price dropped sharply to a low level [5]

1. Report Industry Investment Rating - The strength analysis of tin is neutral, and the price range is 320,000 - 380,000 yuan/ton [3] 2. Core Viewpoints - This week, tin prices were weakly affected by macro - sentiment, with increased positions and falling prices during the week, reaching below 330,000 yuan at one point and then recovering. The tense situation in Iran and inflation concerns have pressured the non - ferrous and precious metals sectors. Central banks such as the Federal Reserve have not cut interest rates, showing concerns about rising inflation. On the fundamental side, the short - term tightness in the tin ore end has not changed significantly, and the production of most domestic smelting enterprises is restricted by raw material supply. The restart of production in Wa State, Myanmar, also faces difficulties. In terms of demand, the replenishment demand in the spot market has recovered, and the spot premium is high, indicating a tight supply - demand situation in the tin ingot end. Inventory has significantly decreased. Currently, the weak macro - sentiment due to the ongoing Iran issue conflicts with the short - term fundamental resilience of tin. There is certain support around 320,000 - 340,000 yuan, but in the context of weak macro - sentiment, it is necessary to pay attention to the stabilization of overseas equity markets and the non - ferrous sector. If it stabilizes, tin prices still have a good chance of recovery in the short term [6] 3. Summary by Directory 3.1 Transaction (Price, Spread, Inventory, Capital, Transaction Volume, Open Interest) 3.1.1 Spot - This week, the LME 0 - 3 premium is - 227 US dollars/ton, and the domestic spot premium is 2,250 yuan/ton. Recently, the Baltimore premium has decreased [11][16] 3.1.2 Spread - This week, in the tin monthly structure, the 01 - 02 shows a B structure [20] 3.1.3 Inventory - This week, the domestic social inventory decreased by 2,380 tons, and the futures inventory decreased by 2,787 tons. The LME inventory slightly increased, and the ratio of cancelled warrants rose to 7.96% [28][33] 3.1.4 Capital - As of this Friday, the settled capital of Shanghai tin is 2,681.27 million yuan, and the capital flow in the past 10 days is in the outflow direction [38] 3.1.5 Transaction Volume and Open Interest - This week, the trading volume of Shanghai tin increased, and the open interest decreased. The trading volume of LME tin increased, and the open interest decreased [40][45] 3.1.6 Open Interest - to - Inventory Ratio - This week, the open interest - to - inventory ratio of Shanghai tin rebounded [50] 3.2 Tin Supply (Tin Ore, Refined Tin) 3.2.1 Tin Ore - In December 2025, the output of tin concentrate was 5,335 tons, a year - on - year decrease of 4.90%. In February 2026, the import volume was 17,144 tons, a year - on - year increase of 96.04%, and the cumulative year - on - year increase was 88.01%. This week, the processing fee for 40% tin ore in Yunnan remained at 16,000 yuan/ton, and the processing fee for 60% tin ore in Guangxi, Jiangxi, and Hunan remained at 12,000 yuan/ton. The import profit and loss level rebounded [54][55] 3.2.2 Smelting - In February 2026, the domestic tin ingot output was 11,490 tons, a year - on - year decrease of 18.22%. This week, the combined operating rate of Jiangxi and Yunnan provinces was 68.51%, a decrease from last week [61][63] 3.2.3 Import - In February 2026, the domestic tin ingot import was 2,168 tons, the export was 1,216 tons, and the net import was 952 tons. Among them, the tin ingot imported from Indonesia to China was 1,510 tons. The latest import profit and loss was - 3,114 yuan/ton [70] 3.3 Tin Demand (Tin Products, End - Users) 3.3.1 Consumption - In February 2026, the apparent consumption of tin ingots was 12,442 tons, and the actual consumption was 10,176 tons [78] 3.3.2 Tin Products - This week, the downstream processing fee decreased. The operating rate of monthly solder enterprises in February decreased to 39%. The output of major tin - plated sheet enterprises in December slightly increased, and the sales volume slightly decreased [81] 3.3.3 End - User Consumption - In December 2025, the output of end - user products such as integrated circuits, electronics, smartphones, and household appliances increased. The household appliance consumption increased month - on - month, while the automobile consumption decreased month - on - month. This week, the Philadelphia Semiconductor Index rebounded [88][90][96]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The supply - demand game and macro - sentiment pressure lead to a wide - range volatile trend in the lithium carbonate market [2][4] 3. Summary by Relevant Catalogs 3.1 Market Performance - The main contract of lithium carbonate dropped to 150,120 yuan/ton yesterday. The average price of battery - grade lithium carbonate in the spot market is 155,500 yuan/ton. Market inquiries and actual transactions improved compared to the previous day [2] 3.2 Supply - Last week, raw material prices were divided (spodumene prices generally increased, while lepidolite and hectorite prices decreased) and remained at a high level. The SMM operating rate rose to 53.41%, and the total output increased to 23,426 tons (+836 tons). Imports from Chile in March were sufficient, supplementing the domestic supply. Overall supply is steadily increasing, strengthening the medium - term expectation of a loose supply [3] 3.3 Demand - The production schedule expectation in March is optimistic, but downstream acceptance of high prices is low. Last week, ternary lithium - iron phosphate production and inventory increased, and the production and sales of energy - storage cells were booming with low inventory, which was a structural highlight. However, downstream enterprises mainly replenished inventory at low prices, creating a stalemate with upstream price - holding [3] 3.4 Inventory - Last week, the SMM four - location social inventory decreased to 42,500 tons (-490 tons), and the sample weekly inventory decreased to 99,000 tons, at a relatively low level. The total inventory days decreased to 27.8 days, maintaining a tight - balance pattern. Smelters continued to reduce inventory, and downstream inventory increased to 45,600 tons [3] 3.5 Macro Policy - Internationally, the 15% temporary tariff policy of the US White House is still within the window period, which is a phased positive for demand. The tense situation between the US and Iran continues, and geopolitical risk premiums still exist, disturbing market sentiment. The weakening of the global interest - rate cut expectation puts pressure on the non - ferrous sector. Domestically, subsidies for car trade - ins and battery export tax rebates (officially implemented on April 1st, currently in the last window period) stimulate terminal consumption. The management method for the comprehensive utilization of new - energy vehicle power batteries optimizes the domestic supply structure in the long term and raises the cost - support center. Developments such as Qinghai Salt Lake development, the "14th Five - Year Plan" for energy storage, and the Central Economic Work Conference support long - term supply - demand balance. The 2026 government work report mentions zero - carbon parks/factories, which are expected to become the second growth curve for energy storage [4]

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]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The palm oil futures market showed a trend of rising and fluctuating last week, with obvious gains for the whole week. The trading volume remained high and volatile, and the long and short sides fiercely competed around the range of 9,500 - 9,800 yuan per ton. The linkage with crude oil and the origin data were the core drivers [1]. - The palm oil production in Malaysia decreased in March, but the inventory exceeded expectations, and the export margin recovered. The short - term palm oil will maintain a high - level volatile and strong trend. It is recommended to buy on dips and be cautious about chasing highs [2]. 3. Summary by Related Catalogs 3.1 Market Review - The palm oil futures showed a trend of rising and fluctuating last week, with obvious gains. The trading volume remained high and volatile. The long and short sides fiercely competed around the range of 9,500 - 9,800 yuan per ton. The linkage with crude oil and the origin data were the core drivers. The open interest decreased slightly from 385,100 lots on March 9th to 340,100 lots on March 15th [1]. 3.2 Outlook - **Positive factors**: The palm oil production in Malaysia in March will still be at a seasonal low, the inventory is expected to continue to decline, and the export data in March will continue to recover. The rigid demand from India and Europe will continue to support the external market. The geopolitical conflict in the Middle East has not been alleviated, and international crude oil is likely to remain at a high level. There is always an expectation of biodiesel demand, which forms cost support for palm oil prices [2]. - **Negative factors**: The high inventory of 800,000 tons in China is still the core suppressing factor. Traders have tight capital chains and strong willingness to sell at reduced prices, and there is no substantial improvement in spot transactions [2]. 3.3 Attention Factors - Malaysia's palm oil production and export data [3]. - The repair change of the soybean - palm oil price difference [3]. 3.4 Weekly Changes in Fundamental Data | Ship Date | Region | Forward Exchange Rate | Import Cost | Disk Price | Disk Profit | | --- | --- | --- | --- | --- | --- | | May | South China | 6.8727 | 10,064 | 9,996 | - 68 | | September | South China | 6.8225 | 9,904 | 9,840 | - 64 | [4]