Report Information - Report Date: January 19, 2026 [1] - Title: Tin: Focus on Resource Stockpiling [1] - Analysts: Liu Yuxuan (Investment Consulting Qualification No.: Z0020476), Tang Wenhao (Contact, Futures Qualification No.: F03152608) [2] Industry Investment Rating - Not provided Core Viewpoints - The report focuses on tin resources and suggests paying attention to resource stockpiling. The trend strength of tin is 0, indicating a neutral outlook [1][3] Summary by Directory 1. Fundamental Tracking - **Futures Data**: The closing price of the Shanghai Tin main contract was 405,240, down 6.41%, and the night - session closing price was 379,400, down 8.42%. The closing price of the LME 3M electronic tin plate was 47,708, down 9.60%. Trading volume and positions of both contracts decreased compared to the previous day [2] - **Inventory Data**: Shanghai Tin inventory was 9,462, down 64; LME Tin inventory was 5,935, up 10. The LME Tin cancellation warrant ratio was 6.57%, down 0.38% [2] - **Spot and Price Difference**: SMM 1 tin ingot price was 414,050, down 11,950; Yangtze River Non - ferrous 1 tin average price was 414,500, down 20,500. Various price differences also showed changes [2] - **Industrial Chain Key Price Data**: The prices of 40% tin concentrate in Yunnan and 60% tin concentrate in Guangxi decreased by 13,950. The prices of 63A and 60A solder bars decreased by 7,500 [2] 2. Macro and Industry News - Macron responded to US tariff threats, not ruling out the activation of the EU's toughest trade counter - measures - Trump said he would impose tariffs on 8 European countries until "fully acquiring Greenland" - Trump said he "persuaded himself" to postpone military action against Iran - The US Supreme Court set next Tuesday (January 20) as the next tariff opinion day [4] 3. Trend Strength - The trend strength of tin is 0, with the range of values being integers from - 2 to 2, where - 2 means most bearish and 2 means most bullish [3]