Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - The price of tin is trending upwards, with the Shanghai tin main contract and LME tin 3M electronic disk showing increases in prices and trading volume. The trend strength of tin is rated as 1, indicating a neutral to slightly positive outlook [1][4] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures and Spot Market**: The Shanghai tin main contract closed at 292,440 yuan with a daily increase of 1.48%, and the LME tin 3M electronic disk closed at 37,405 US dollars with a daily increase of 1.93%. The trading volume and open interest of the Shanghai tin main contract increased significantly compared to the previous day [1] - **Inventory and Warehouse Receipts**: The inventory of Shanghai tin decreased by 136 tons to 5,446 tons, while the inventory of LME tin increased by 40 tons to 3,055 tons. The cancellation warehouse receipt ratio of LME tin was 6.57%, a decrease of 0.38% from the previous day [1] - **Spot and Price Difference**: The SMM 1 tin ingot price increased by 1,500 yuan to 282,800 yuan, and the Yangtze River Non - ferrous 1 tin average price increased by 4,300 yuan to 292,400 yuan. The spot - to - futures main contract price difference increased by 2,680 yuan to 4,220 yuan [1] - **Industrial Chain Key Price Data**: The prices of 40% tin concentrate in Yunnan and 60% tin concentrate in Guangxi increased by 1,500 yuan, and the prices of 63A and 60A solder bars increased by 1,000 yuan [1] 3.2 Macro and Industry News - **US Economic and Policy News**: After the end of the shutdown, the US October inflation and employment reports may not be released. The Atlanta Fed President who advocates "no rate cut in December" will retire in February next year. The US Treasury Secretary will adjust the national debt issuance structure according to investor demand. The US Supreme Court will hold a court debate on the Fed Governor Cook case on January 21 [2] - **Global Commodity Market**: OPEC lowered the global oil demand forecast, and the oil price dropped by 4% as the Q3 market shifted from "supply shortage" to "supply surplus" [2] - **Chinese Market Policy**: China Securities Regulatory Commission Vice - Chairman Li Ming stated to prevent large market fluctuations [2] - **Corporate News**: Due to strong demand for AI servers, Hon Hai's Q3 net profit increased by 17% year - on - year, exceeding expectations, and its revenue increased by 11%. Alphabet's Waymo will supply highway self - driving taxis [2][3] 3.3 Trend Intensity - The trend intensity of tin is 1, within the range of [-2, 2], indicating a neutral to slightly positive view on the tin market [4]