1. Report Industry Investment Rating - No information regarding the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - This week, the main contract of Shanghai Tin oscillated with a downward bias, with a weekly decline of -0.14% and an amplitude of 2.66%. As of the end of this week, the closing price of the main contract was 283,510 yuan/ton. The tin market presents a situation of weak supply and demand, and it is expected that the tin price will oscillate at a high level in the short term. Technically, the position decreased and the price corrected, with the bullish sentiment declining. It is recommended to wait and see for now, and focus on the range of 278,000 - 287,000 yuan/ton [4]. 3. Summary Based on Relevant Catalogs 3.1 Weekly Summary - **Market Review**: This week, the main contract of Shanghai Tin oscillated with a downward bias, with a weekly decline of -0.14% and an amplitude of 2.66%. As of the end of this week, the closing price of the main contract was 283,510 yuan/ton [4]. - **Market Outlook**: Macroscopically, the private US data provider Revelio Labs reported that the non - farm employment in October turned negative, with a decrease of 9,100 jobs. The direction of the Fed's rate cut in December is unclear. Fundamental factors include that the first batch of reopened mines in Wa State, Myanmar, are in the production ramp - up period, and the import volume of tin ore from Myanmar is expected to increase steadily in the fourth quarter, but the increase is still limited. The supply from Africa and Australia has declined unexpectedly, and Africa is about to enter the rainy season, with the tin ore import in September decreasing month - on - month. However, Indonesia plans to accelerate the release of refined tin exports in the fourth quarter. In the smelting sector, the shortage of raw materials in Yunnan is still severe, and the tin ore processing fee remains at a low level; the scrap recycling system in Jiangxi is under pressure, the operating rate remains at a low level, and the production of refined tin is still restricted. On the demand side, recently, the tin price has oscillated and adjusted. Downstream buyers in the spot market mainly make purchases at low prices, mostly for small - scale restocking and just - in - time needs. After the tin price rises, the market trading is sluggish. Domestic inventories are stable, and the spot premium has slightly decreased to 200 yuan/ton; LME inventories have increased slightly, and the spot premium remains stable [4]. - **Strategy Recommendation**: It is recommended to wait and see for now, and focus on the range of 278,000 - 287,000 yuan/ton [4]. 3.2 Futures and Spot Market - **Price Movement**: As of November 7, 2025, the closing price of Shanghai Tin was 283,030 yuan/ton, a decrease of 280 yuan/ton or 0.1% from October 31. As of November 6, 2025, the closing price of LME Tin was 35,760 US dollars/ton, an increase of 40 US dollars/ton or 0.11% from October 31 [9]. - **Ratio Analysis**: As of November 7, 2025, the current ratio of Shanghai Tin to Shanghai Nickel was 2.37, an increase of 0.02 from October 31. As of November 6, 2025, the Shanghai - LME ratio of tin was 7.92, a decrease of 0.01 from October 30 [14]. - **Position Analysis**: As of November 7, 2025, the net position of the top 20 in Shanghai Tin was - 1,191 lots, an increase of 2,033 lots from November 3, 2025. As of November 7, 2025, the position of Shanghai Tin was 67,164 lots, a decrease of 3,034 lots or 4.32% from October 31 [18]. 3.3 Industrial Chain Supply Side - **Tin Ore Import**: According to customs data, in September 2025, the monthly import volume of tin ore and concentrates was 8,713.60 tons, a month - on - month decrease of 15.13% and a year - on - year increase of 10.79%. From January to September this year, the cumulative import volume of tin ore and concentrates was 91,387.04 tons, a year - on - year decrease of 25.93% [24]. - **Refined Tin Production**: According to Mysteel data, in September 2025, the production of refined tin was 9,770 tons, a month - on - month decrease of 35%. From January to September, the cumulative production of refined tin was 87,175 tons, a year - on - year decrease of 0.95% [25]. - **Tin Ore Processing Fee**: On November 7, 2025, the processing fee for 60% tin concentrate was 6,500 yuan/ton, unchanged from November 6, 2025; the processing fee for 40% tin concentrate was 10,500 yuan/ton, unchanged from November 6, 2025 [30]. - **Refined Tin Import Profit and Loss**: As of November 7, 2025, the import profit and loss of tin was - 5,415.01 yuan/ton, a decrease of 7,743.72 yuan/ton from October 31, 2025 [35]. - **Inventory**: As of November 6, 2025, the total LME tin inventory was 2,975 tons, an increase of 185 tons or 6.63% from October 30. As of November 7, 2025, the total tin inventory was 5,992 tons, an increase of 73 tons or 1.23% from last week. As of November 7, 2025, the tin futures inventory was 5,803 tons, an increase of 129 tons or 2.27% from October 31 [39]. Demand Side - **Semiconductor Index**: On November 6, 2025, the Philadelphia Semiconductor Index was 7,018.39, a decrease of 197.6 or 2.74% from October 30. From January to September 2025, the production of integrated circuits was 381,887,020,000 pieces, an increase of 66,284,720,000 pieces or 21% compared with the same period last year [43][44]. - **Tin - Plated Sheet Export**: According to the China Iron and Steel Association, as of September 2025, the production of tin - plated sheets was 100,000 tons, a decrease of 10,000 tons or 9.09% from August 2025. As of September 2025, the export volume of tin - plated sheets was 197,624.42 tons, an increase of 31,073.35 tons or 18.66% from August [48].