Report Summary 1. Report Industry Investment Rating - No information about the industry investment rating is provided in the report. 2. Report Core View - The report focuses on tin, suggesting to pay attention to its stabilization situation. The trend intensity of tin is 1, indicating a neutral stance [1][3]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: - **Prices**: The closing price of the Shanghai Tin main contract was 383,710 with a daily decline of 2.40%, and the night - session closing price was 397,630 with a 3.51% increase. The closing price of the LME Tin 3M electronic disk was 50,095 with a 0.09% increase [2]. - **Volume and Open Interest**: The trading volume of the Shanghai Tin main contract was 301,708, an increase of 4,940 from the previous day, and the open interest was 35,900, a decrease of 2,671. The trading volume of the LME Tin 3M electronic disk was 944, an increase of 657, and the open interest was 22,015, an increase of 308 [2]. - **Inventory**: The inventory of Shanghai Tin was 10,124, a decrease of 123, and the LME Tin inventory was 8,025, an increase of 250. The cancellation warrant ratio of LME Tin was 6.57%, a decrease of 0.38% [2]. - **Spot and Spread Data**: - **Spot Prices**: The SMM 1 tin ingot price was 396,950, a decrease of 9,900 from the previous day; the Yangtze River Non - ferrous 1 tin average price was 382,400, a decrease of 17,700 [2]. - **Spreads**: The LME Tin (spot/three - month) spread was 19, an increase of 92; the spread between the near - month contract and the consecutive first - month contract was 186,730, a decrease of 7,000; the spread between the spot and the futures main contract was - 1,310, a decrease of 7,750 [2]. - **Industrial Chain Price Data**: - The prices of 40% tin concentrate (Yunnan) and 60% tin concentrate (Guangxi) both decreased by 9,900 to 380,950 and 384,950 respectively. The prices of 63A and 60A solder bars decreased by 6,000 to 262,750 and 251,250 respectively [2]. 3.2 Macro and Industry News - Iran's parliamentary speaker said that international oil prices may remain in the triple - digits for an extended period. Iran claimed to have "destroyed" a US military helicopter base in Kuwait. Saudi Arabia started to cut oil production as storage space is full. MiniMax released new lobster skills, and its stock price soared 20% during intraday trading, leading the AI sector [4].