Core Viewpoint - Tin prices have shown a slight rebound, ending a three-day decline, with the main contract rising by 1.19% to 293,370 yuan/ton. However, the recovery in tin ore supply remains slow, limiting the production capacity of smelting enterprises [1]. Group 1: Supply Situation - Tin ore supply is expected to increase on a month-on-month basis, with production levels showing a slight rise [2]. - In Yunnan, production recovery is evident as smelting enterprises resume operations after maintenance, although raw material supply remains tight, leading to intense competition among companies [1]. - In Jiangxi, production has slightly decreased due to ongoing raw material supply constraints and policy issues [1]. Group 2: Demand Dynamics - Demand from downstream sectors remains weak, particularly in consumer electronics and photovoltaic industries, with November component production declining compared to October [1]. - The home appliance market has seen a noticeable reduction in orders, with November production also down from October levels [1]. - Despite adjustments in China-U.S. tariff measures, overall foreign trade levels remain weak, contributing to a sustained period of low demand [1]. Group 3: Market Outlook - The macroeconomic sentiment is expected to weaken marginally, leading to continued high-level fluctuations in tin prices [2]. - High prices are further suppressing downstream purchasing intentions, with enterprises primarily stocking for essential needs [2].