1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The central economic work conference has a positive tone, and the improvement of demand expectations may boost basic metals. In the short - to - medium term, positive macro - expectations and supply disruption concerns continue to support prices. In the long term, there are still expectations of potential incremental stimulus policies in China, and the supply disruption issues of copper, aluminum, and tin remain, with expectations of tightening supply - demand [1]. - For different metals, the report gives specific views: copper prices will oscillate and rise; alumina prices will continue to be under pressure; aluminum prices will oscillate and rise; alloy prices will oscillate at a high level; zinc prices will oscillate at a high level; lead prices will stabilize and rebound; nickel prices will run weakly; stainless - steel prices will correct; tin prices will oscillate and strengthen [2]. 3. Summary According to Relevant Catalogs 3.1行情观点 3.1.1 Copper - **View**: The Fed continues to cut interest rates, and copper prices oscillate and rise, showing a trend of being oscillatory and strong in the medium - term [6][7][8]. - **Analysis**: The Fed cuts interest rates and restarts balance - sheet expansion, providing liquidity support. The supply of copper ore is tight, and CSPT will reduce the production capacity of mine copper by more than 10% in 2026. The terminal demand is weak, but the spot is at a premium, and the overseas squeeze on positions boosts prices [6][7]. 3.1.2 Alumina - **View**: The oversupply situation has not improved significantly, and alumina prices continue to be under pressure, with an expected oscillatory trend [8][9]. - **Analysis**: High - cost production capacity fluctuates, and there are short - term disturbances, but the supply contraction is insufficient, with strong inventory accumulation. Raw material prices are weak, and the futures - spot price difference is large. Although the valuation is low, the price may still be under pressure [9]. 3.1.3 Aluminum - **View**: Aluminum inventory has decreased, and aluminum prices oscillate and rise, showing an oscillatory and strong trend in the short - term and a potential upward shift of the price center in the medium - term [12][13]. - **Analysis**: The macro - environment is complex, with fluctuating interest - rate cut expectations. The domestic production capacity is high, while overseas supply may tighten in the long - term. The terminal demand is stable, and the inventory is decreasing [12][13]. 3.1.4 Aluminum Alloy - **View**: Cost support continues, and the market oscillates at a high level, with an oscillatory and strong trend in the short - and medium - term [14][15]. - **Analysis**: The supply of scrap aluminum is tight, providing cost support. The supply side has production reduction risks, while the demand side shows marginal improvement, and the inventory shows a mixed trend [14][15]. 3.1.5 Zinc - **View**: Social inventory has decreased, and zinc prices oscillate at a high level, with an overall oscillatory trend [16][18][19]. - **Analysis**: The Fed's dovish stance and weak economic data increase the expectation of interest - rate cuts. The short - term supply of zinc ore is tight, and the demand is in the off - season. The inventory may not accumulate, but there is still a potential for price decline in the long - term [18][19]. 3.1.6 Lead - **View**: Social inventory remains at a low level, and lead prices stabilize and rebound, showing an oscillatory trend [20][21]. - **Analysis**: The spot premium is stable, and the supply of lead ingots is tight in some regions. The demand from the battery industry is relatively good, and the inventory is at a low level [20][21]. 3.1.7 Nickel - **View**: LME inventory remains at a high level, and nickel prices run weakly, showing an oscillatory trend [21][23]. - **Analysis**: The market sentiment dominates the market, and the industrial fundamentals are weakening. The overall supply of nickel resources is loose, and the inventory is high, but there are potential supply - side policy risks [21][23]. 3.1.8 Stainless Steel - **View**: Weak nickel prices drive the stainless - steel market to correct, with an expected range - bound oscillation [24]. - **Analysis**: The cost support of nickel iron is strengthening, but the stainless - steel production is expected to decline in December. The inventory may accumulate in the off - season, but the profit compression and cost support limit the price decline [24]. 3.1.9 Tin - **View**: Supply concerns remain unresolved, and tin prices oscillate and strengthen [25][27]. - **Analysis**: The supply of tin is tight, with slow复产 in mines, restricted exports from Indonesia, and limited production in Africa. The demand is growing in semiconductor, photovoltaic, and new - energy vehicle industries, which will push up the price [26][27]. 3.2行情监测 - **Comprehensive Index**: The comprehensive index, specialty index (including commodity 20 index and industrial products index), and sector index (non - ferrous metals index) are presented, with specific values and changes on December 11, 2025 [154][156].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The macro - outlook is repetitive yet stable, and base metals are in a state of oscillatory consolidation. In the short - to - medium - term, supply disruptions support base metal prices, but repetitive macro - expectations and average demand limit price increases. Long - term, potential domestic stimulus policies and supply disruptions in copper, aluminum, and tin suggest a positive outlook for their prices [2]. - For specific metals: copper prices are expected to fluctuate strongly; alumina prices will remain under pressure and oscillate; aluminum prices will oscillate strongly in the short - term and may increase in the medium - term; aluminum alloy prices are expected to oscillate strongly in both the short and medium - term; zinc prices will oscillate and may decline in the long - term; lead prices are expected to oscillate strongly; nickel prices will oscillate weakly; stainless steel prices will oscillate within a range; tin prices will oscillate strongly [7][11][13][14][17][19][21][23][24]. 3. Summary by Related Catalogs 3.1行情观点 Copper - Information: The US government ended a 43 - day shutdown. Some Fed officials have a hawkish stance. In October, SMM China's electrolytic copper production decreased by 2.94 million tons month - on - month (a 2.62% decline), and increased by 9.63% year - on - year. As of November 24, copper inventory dropped by 1.39 million tons to 18.06 million tons. There was an accident at a Congolese copper mine [6][7]. - Logic: The macro - situation is uncertain. Copper supply is tightening due to supply disruptions and reduced scrap copper recycling. Demand is weak but the acceptance of copper prices by downstream industries is increasing [7]. - Outlook: Copper prices are expected to oscillate strongly [7]. Alumina - Information: On November 24, alumina prices in different regions showed some changes. An aluminum plant in Xinjiang tendered for 10,000 tons of alumina, and the alumina warehouse receipt increased by 3,606 tons [8]. - Logic: Macro - sentiment amplifies price fluctuations. The supply contraction needs further observation, with strong inventory accumulation. Raw material prices are weak, but more funds are starting to focus on alumina [9]. - Outlook: Alumina prices will remain in an oscillatory state [11]. Aluminum - Information: On November 24, the SMM AOO average price was 21,360 yuan/ton, down 20 yuan/ton. Aluminum rod and ingot inventories decreased. In October, China's net import of primary aluminum increased. New aluminum plants in Indonesia have production plans [12]. - Logic: The Fed is divided, and the domestic economy is weakly stable. The domestic supply capacity is high, and overseas supply may tighten in the long - term. Terminal demand is stable, and inventory is decreasing [13]. - Outlook: Aluminum prices will oscillate strongly in the short - term and may increase in the medium - term [13]. Aluminum Alloy - Information: In October, China's scrap aluminum imports increased by 19% year - on - year. The EU plans to introduce a new rule on restricting scrap aluminum exports in 2026 [14][15]. - Logic: The cost of scrap aluminum is high. Supply is affected by various factors, and demand is improving marginally. Social and warehouse inventories are increasing [14]. - Outlook: Aluminum alloy prices will oscillate strongly in both the short and medium - term [14]. Zinc - Information: On November 24, spot zinc prices in different regions had different premiums. As of November 24, SMM seven - region zinc ingot inventory decreased by 0.17 million tons. A mine in Australia delayed high - grade zinc ore mining [15][16]. - Logic: The macro - situation is repetitive but stable. Short - term zinc ore supply is loose, and domestic zinc ingot exports have opened up. Demand is entering the off - season [17]. - Outlook: Zinc prices will oscillate in the short - term and may decline in the long - term [17]. Lead - Information: On November 24, scrap battery prices and the primary - secondary lead price difference remained unchanged. Lead ingot social inventory decreased. Some lead smelters are under maintenance [18]. - Logic: Spot premiums decreased slightly. Supply is affected by environmental protection, and demand is at the end of the peak season [18]. - Outlook: Lead prices are expected to oscillate strongly [19]. Nickel - Information: On November 24, LME nickel inventory decreased by 468 tons, and Shanghai nickel warehouse receipts increased by 708 tons. The acquisition of Anglo American's Brazilian nickel assets by Minmetals is under review. An Indonesian nickel company cut production [20]. - Logic: The market sentiment dominates. The industrial fundamentals are weakening marginally. The supply of nickel ore is loose, and the inventory is accumulating [21]. - Outlook: Nickel prices will oscillate weakly [21]. Stainless Steel - Information: Stainless steel futures warehouse receipts decreased by 542 tons. Nickel iron prices declined. A steel mill's high - nickel pig iron tender price decreased [22]. - Logic: The cost support for steel prices is weakening. Stainless steel production may decrease in November, and inventory is accumulating [23]. - Outlook: Stainless steel prices will oscillate within a range [23]. Tin - Information: On November 24, LME tin warehouse receipts increased by 20 tons, and Shanghai tin warehouse receipts decreased by 22 tons. The average price of 1 tin ingots decreased by 200 yuan/ton [24]. - Logic: Tin supply is tight due to slow复产 in Myanmar, reduced exports from Indonesia, and unstable production in Africa. Demand is increasing in semiconductor, photovoltaic, and new - energy vehicle industries [24]. - Outlook: Tin prices are expected to oscillate strongly [24]. 3.2行情监测 No relevant information provided other than the section titles. 3.3中信期货商品指数 - On November 24, 2025, the comprehensive index, specialty index (including commodity 20 index, industrial products index, PPI commodity index), and the non - ferrous metals index all showed certain percentage increases. The non - ferrous metals index had a daily increase of 0.43%, a 5 - day increase of 0.08%, a 1 - month decrease of 2.13%, and a year - to - date increase of 6.39% [150][151].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the short - to - medium term, supply disruptions continue to support base metal prices, but repeated macro - expectations and average demand limit the upside potential of prices. Base metals are expected to experience a pull - back after a rally and then enter a period of sideways consolidation. Opportunities for low - buying and long - holding of copper, aluminum, and tin can be continuously monitored. In the long term, there are still expectations of potential incremental stimulus policies in China, and supply disruptions in copper, aluminum, and tin remain, so the supply - demand situation is expected to tighten, and the prices of copper, aluminum, and tin are favored [1]. 3. Summary by Related Catalogs 3.1 Market Outlook - **Copper**: With the reopening of the US government, copper prices are consolidating at high levels. The supply constraints of copper remain, and supply disruptions are increasing. Considering the warming of macro - sentiment, copper prices are expected to show a sideways - up trend [7][8]. - **Alumina**: The inventory accumulation rate remains relatively fast, and alumina prices are expected to maintain a sideways movement. The current supply - demand situation is in surplus, but the valuation has entered a low - level range, so the price is expected to remain volatile [9][13]. - **Aluminum**: Inventory continues to accumulate, and aluminum prices have corrected. In the short term, positive macro factors combined with a stable fundamental situation are expected to keep aluminum prices in a sideways - up trend. In the medium term, the supply increment is limited, and demand maintains resilience, so the price center of aluminum is expected to continue to rise [14][15]. - **Aluminum Alloy**: Attention should be paid to demand changes, and the futures price is oscillating at high levels. In the short and medium terms, strong cost support combined with stable supply - demand or potential supply disruptions due to policies are expected to keep the price in a sideways - up trend [16][18]. - **Zinc**: The export window has opened, and zinc prices are oscillating at high levels. In the short term, zinc prices may show high - level oscillations. In the medium to long term, zinc supply is expected to increase, while demand growth is limited, so zinc prices may still have room to decline [19]. - **Lead**: Due to delivery, social inventory has increased, and lead prices have declined in the short term. Considering factors such as supply disturbances, demand at the end of the peak season, and cost support, lead prices are expected to show a sideways - up trend [20][22]. - **Nickel**: The current supply - demand situation is loose, and nickel prices are oscillating weakly. The market sentiment still dominates the price, and the fundamental situation of the industry is weakening at the margin. It is recommended to adopt a short - term trading strategy and continue to monitor changes in LME nickel inventory and RKAB quotas [22][23]. - **Stainless Steel**: Nickel iron prices continue to decline, and the stainless - steel futures price is oscillating. During the seasonal off - season, the fundamental situation exerts a certain downward pressure on prices, while cost support provides some upward impetus. Future focus should be on inventory changes and cost fluctuations [24][25]. - **Tin**: Shanghai tin inventory has started to accumulate, and tin prices are oscillating and adjusting. Supply disruptions continue, and demand is expected to grow. The supply - demand fundamentals are resilient, which will push up the price center of tin. Tin prices are expected to show a sideways - up trend [25][26]. 3.2 Market Monitoring No specific content for analysis and summary is provided. 3.3 Commodity Index - On November 17, 2025, the comprehensive index, the commodity 20 index, and the industrial products index of CITIC Futures were 2254.19 (down 0.24%), 2555.84 (down 0.42%), and 2228.52 (up 0.56%) respectively. The non - ferrous metals index was 2477.82, with a daily decline of 0.38%, a 5 - day decline of 0.29%, a 1 - month increase of 1.33%, and a year - to - date increase of 7.34% [150][152].

1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating. 2. Core Viewpoints of the Report - The end of the US government shutdown has boosted investors' optimism, and the macro - outlook is expected to be stable. The raw material supply remains tight and is spreading to the smelting end. The actual supply - demand of base metals is slightly weak, but the long - term supply - demand is expected to tighten. It is optimistic about the price trends of copper, aluminum, and tin. In the short - and medium - term, supply disruptions support base metal prices, but weak actual demand may limit price increases. [2] - The report provides individual views on various non - ferrous metals: copper prices are expected to oscillate and recover; alumina prices will maintain an oscillating trend; aluminum prices will continue to rise; aluminum alloy prices will oscillate upwards; zinc prices will oscillate at a high level; lead prices will oscillate upwards; nickel prices are expected to be slightly stronger in the short - term; stainless steel prices will oscillate; tin prices will rise significantly. [3] 3. Summary by Related Catalogs I. Market Views Copper - Macro factors: The signing of the temporary appropriation bill by Trump has revived market optimism, pulling up copper prices. - Supply - demand: Copper mine supply disruptions are increasing, processing fees are low, and the cost and difficulty of scrap copper recycling have risen. The production of electrolytic copper has declined, and terminal demand is weak, but the acceptance of copper prices by downstream users is increasing. - Outlook: Copper prices are expected to be oscillating and slightly stronger. [7] Alumina - Information: Inventory is accumulating rapidly, and spot prices are stable. - Main logic: High - cost production capacity has fluctuations, and the supply contraction is not obvious. The market is in a state of over - supply, but the valuation is low, so the price may fluctuate. - Outlook: Alumina prices will maintain an oscillating trend. [7] Aluminum - Information: The price has increased, inventory has decreased slightly, and exports have declined. - Main logic: The macro - environment is positive, the domestic supply is at a high level with some restrictions, and overseas supply has disturbances. The terminal demand is stable, and inventory has decreased slightly. - Outlook: In the short - term, aluminum prices are expected to be oscillating and slightly stronger, and the price center may rise in the medium - term. [9][10][11] Aluminum Alloy - Information: The price has increased, and the supply of scrap aluminum is tight. - Main logic: The supply of scrap aluminum is tight, and the cost support is strong. The supply is affected by various factors, and demand has marginally improved. - Outlook: The price is expected to be oscillating and slightly stronger in the short - and medium - term. [12][13] Zinc - Information: The export window has opened, and the supply of zinc ore has become looser. - Main logic: The macro - environment is optimistic, the short - term supply of zinc ore is loose, and the smelting profit is good. The domestic consumption is in the off - season, and the demand is average. - Outlook: Zinc prices will oscillate in the short - term and may decline in the long - term. [14][17] Lead - Information: The social inventory is low, and the price has increased. - Main logic: The spot premium has decreased slightly, the supply has increased, and the demand is in the peak season. - Outlook: Lead prices are expected to be oscillating and slightly stronger. [18][19] Nickel - Information: LME inventory is accumulating, and domestic inventory is balanced through exports. - Main logic: Market sentiment dominates the market, the industrial fundamentals are weakening marginally, and the supply of nickel ore is relatively loose. - Outlook: Nickel prices are expected to be slightly stronger in the short - term. [20][23] Stainless Steel - Information: Nickel iron prices have declined, and inventory has decreased slightly. - Main logic: The cost support has weakened, production has increased, and demand is in the off - season. - Outlook: Stainless steel prices will maintain an interval oscillation. [24][25] Tin - Information: Supply disruptions are continuous, and prices have increased significantly. - Main logic: Supply disruptions in Wa State and Indonesia have tightened the supply, and the domestic ore supply is also tight. - Outlook: Tin prices are expected to be oscillating and slightly stronger. [26][27] II. Market Monitoring There is no specific content provided for market monitoring in the text, so it cannot be summarized. III. Commodity Index - Comprehensive Index: The commodity index increased by 0.47% to 2269.39, the commodity 20 index increased by 0.54% to 2577.33, the industrial products index decreased by 0.01% to 2223.17, and the PPI commodity index increased by 0.54% to 1352.02. - Plate Index: The non - ferrous metal index increased by 0.67% on November 13, 2025, with a 5 - day increase of 1.51%, a 1 - month increase of 2.72%, and a year - to - date increase of 8.77%. [149][150]

Group 1: Investment Rating of the Report - The report does not explicitly provide an overall industry investment rating. However, it offers mid - term outlooks for each metal variety, including "oscillating strongly", "oscillating", etc. [8][11] Group 2: Core Viewpoints of the Report - After the Fed restarts interest rate cuts, investors have a positive macro - outlook. There is a linkage between the stock and futures markets of non - ferrous metals, with copper leading the rise among base metals. In the short - to - medium term, supply disruptions and stock - futures linkage speculation lead to a pulse rise in some varieties, but there is a risk of price decline after a rapid increase. In the long term, potential domestic stimulus policies and supply disruptions in copper, aluminum, and tin will push up base metal prices [1]. - For different metal varieties, the supply - side contraction logic of copper continues to drive up prices; the fundamentals of alumina are weak with price pressure; aluminum prices are boosted by macro - sentiment; aluminum alloy prices are supported by cost; zinc prices rebound with non - ferrous metals despite inventory accumulation; lead prices also rebound with non - ferrous metals with a loosening supply - demand outlook; nickel prices fluctuate widely due to the repeated progress of RKAB quotas; stainless steel prices rise with the strengthening of nickel prices; tin prices oscillate at a high level due to continuous supply disruptions [2]. Group 3: Summary by Variety (According to the Catalog) Copper - **Viewpoint**: The supply - side contraction logic continues to ferment, and copper prices maintain a strong trend. The Grasberg mine in Indonesia has production disruptions, and there are also issues such as the US government shutdown, domestic production changes, and policy - induced production cuts in the recycled copper market. The supply is expected to decrease, while the demand has resilience, and copper prices are expected to oscillate strongly [8][10]. - **Information Analysis**: The production of the Grasberg mine in Indonesia is expected to be severely affected in 2026, with a 35% drop in annual output; the US government shutdown affects economic data release; in August, SMM China's electrolytic copper production decreased slightly month - on - month but increased year - on - year; the spot price of electrolytic copper had a certain premium; the copper inventory increased; the "770 - document" led to production cuts in the recycled copper market; the labor union of Los Pelambres copper mine rejected the contract, increasing the strike risk [8][9]. - **Main Logic**: Macroscopically, the US government shutdown affects data release. On the supply side, mine production disruptions, low processing fees, and policy - induced production cuts lead to a supply reduction expectation. On the demand side, the peak season is approaching, and downstream stocking demand may increase. If the inventory continues to decline, copper prices may remain strong [10]. Alumina - **Viewpoint**: The fundamentals are still weak, and the upward price movement is under pressure. It is expected to oscillate in the short term [11][13]. - **Information Analysis**: On October 9, the domestic and overseas spot prices of alumina changed, with a certain decline in domestic prices; the estimated supply in September exceeded demand by about 430,000 tons; the price of a tender by an electrolytic aluminum plant in Xinjiang decreased; the alumina warehouse receipts increased [11][12]. - **Main Logic**: The macro - sentiment in the non - ferrous sector amplifies price fluctuations. Fundamentally, although some smelters are close to the cost line, the operating capacity is still high, and the strong inventory accumulation trend continues. The price is under pressure, but the limited decline in ore prices in the fourth quarter restricts the downward space. Potential production cuts and Guinea - related disturbances may affect prices [12]. Aluminum - **Viewpoint**: Boosted by macro - sentiment, aluminum prices oscillate strongly. In the short term, they are expected to oscillate, and in the medium term, the price center may rise [13][14]. - **Information Analysis**: On October 9, the price of SMM AOO aluminum increased, and the inventory of aluminum ingots and aluminum rods increased; some aluminum production projects were completed or planned to be put into production [13]. - **Main Logic**: The short - term interest rate cut boosts macro - expectations. On the supply side, replacement capacities are being put into production, and the operating capacity is high. On the demand side, as the peak season approaches, the order outlook improves. The post - holiday demand and inventory trends need to be observed [14]. Aluminum Alloy - **Viewpoint**: Supported by cost, the price oscillates. In the short term, there are opportunities for cross - variety arbitrage, and in the medium term, it is expected to oscillate within a range [14][15]. - **Information Analysis**: On October 9, the price of ADC12 increased, and the price difference between ADC12 and AOO aluminum changed; the registered warehouse receipts increased; the EU may impose a 30% tax on scrap metal exports; the growth rate of the auto market in September slowed down [14][15]. - **Main Logic**: On the cost side, the supply of scrap aluminum is tight, and the cost reduction space is limited. On the supply side, the operating rate is increasing, and the implementation of policies needs to be observed. On the demand side, there is a marginal improvement, but the peak - season effect needs to be verified. The inventory is accumulating, and the price is expected to oscillate within a range [15]. Zinc - **Viewpoint**: Zinc prices rebound with non - ferrous metals despite inventory accumulation. In the short term, they may oscillate at a high level, and in the long term, there is a downward risk [16][17]. - **Information Analysis**: The spot price of zinc has a certain discount; the inventory of zinc ingots increased; a mine in Australia had a seismic event, delaying high - grade zinc ore mining [16]. - **Main Logic**: The non - ferrous sector rebounds with the rise of copper prices. The macro - environment is slightly negative. The short - term zinc ore supply is loose, and smelters have strong production willingness. The demand is in the off - peak to peak transition period, and the overall demand outlook is average. The fundamentals are in surplus, but the Fed's interest rate cut expectation and the "soft squeeze" of LME zinc support short - term prices [17]. Lead - **Viewpoint**: The supply - demand loosening expectation remains unchanged, and lead prices rebound with non - ferrous metals, showing an oscillating trend [17][20]. - **Information Analysis**: The price of waste electric vehicle batteries and the price difference between primary and recycled lead remained stable; the price of lead ingots was stable, and the spot premium decreased; the social inventory of lead ingots decreased, and the warehouse receipts increased; lead smelters had production cuts in September, and downstream enterprises stocked up before the holiday [17][19]. - **Main Logic**: On the spot side, the premium and price difference are stable; on the supply side, the profit of recycled lead smelters improves, and the production increases; on the demand side, the operating rate of lead - acid battery factories is high. After the battery factory's stocking is completed, the demand may decline, and the supply may loosen [19][20]. Nickel - **Viewpoint**: Due to the repeated progress of RKAB quotas, nickel prices fluctuate widely. In the short term, they oscillate widely, and in the long term, it is advisable to wait and see [20][24]. - **Information Analysis**: The LME nickel inventory increased, and the domestic inventory was partially exported; Antam and CATL signed cooperation agreements; the application process of the 2026 RKAB quota was delayed; a nickel - iron plant in Brazil increased its production capacity [20][22]. - **Main Logic**: Market sentiment dominates the market, and the industrial fundamentals are slightly weak. The mine end is relatively stable, but the intermediate product output recovers, and the nickel salt price weakens slightly. The inventory accumulates, and the price pressure is significant. Short - term trading is recommended [22]. Stainless Steel - **Viewpoint**: Stainless steel prices rise with the strengthening of nickel prices and are expected to oscillate within a range in the short term [25]. - **Information Analysis**: The futures warehouse receipts of stainless steel decreased; the spot price had a certain premium; the stainless steel production in September increased [25]. - **Main Logic**: The prices of nickel - iron and chrome - iron are stable. The production increase in September is driven by price and season. The supply - demand imbalance has been alleviated, and the future price trend depends on inventory and cost changes [25]. Tin - **Viewpoint**: Due to continuous supply disruptions, tin prices oscillate at a high level. The supply - side tightness provides strong support for prices, and they are expected to oscillate [26]. - **Information Analysis**: The inventory and trading volume of tin changed; the spot price increased; Indonesia took measures to regulate the tin market, affecting supply [26]. - **Main Logic**: During the National Day, there were continuous supply disruptions in the tin market, including Indonesia's crackdown on illegal mines and quota system adjustments. The supply in key areas such as the Wa State and Indonesia is restricted, and the supply - side tightness supports prices [26].