1. Report Date - The report was released on February 24, 2026 [1] 2. Analysts - Liu Yuxuan, Investment Consulting Practitioner Qualification Number: Z0020476, Email: liuyuxuan023982@gtjas.com [2] - Tang Wenhao (Contact), Futures Practitioner Qualification Number: F03152608, Email: tangwenhao@gtht.com [2] 3. Fundamental Data of Tin Futures - The closing price of the main contract of Shanghai Tin yesterday was 365,400, with a daily decline of 7.05% [2] - The closing price of the LME Tin 3M electronic disk yesterday was 47,370, with a daily increase of 1.35% [2] - The trading volume of the main contract of Shanghai Tin yesterday was 180,497, an increase of 2,643 compared with the previous day; the position was 24,005, a decrease of 4,255 compared with the previous day [2] - The trading volume of the LME Tin 3M electronic disk yesterday was 266, an increase of 18 compared with the previous day; the position was 21,997, a decrease of 271 compared with the previous day [2] - The inventory of LME Tin was 7,660, an increase of 15 compared with the previous day; the cancelled - warrant ratio was 6.57%, a decrease of 0.38% compared with the previous day [2] Spot and Price Difference - The price of SMM 1 tin ingot was 378,750 yesterday, a decrease of 12,900 compared with the previous day [2] - The average price of Yangtze River Non - ferrous 1 tin was 378,100 yesterday, a decrease of 15,800 compared with the previous day [2] - The LME Tin (spot/three - month) spread was - 64 yesterday, an increase of 53 compared with the previous day [2] - The spread between the nearby contract and the consecutive first contract was 165,620 yesterday, unchanged from the previous day [2] - The spread between the spot and the main futures contract was - 13,220 yesterday, a decrease of 12,420 compared with the previous day [2] Key Industry Price Data - The price of 40% tin concentrate (Yunnan) was 364,750 yesterday, a decrease of 12,900 compared with the previous day [2] - The price of 60% tin concentrate (Guangxi) was 368,750 yesterday, a decrease of 12,900 compared with the previous day [2] - The price of 63A solder bar was 251,250 yesterday, a decrease of 8,000 compared with the previous day [2] - The price of 60A solder bar was 240,250 yesterday, a decrease of 8,000 compared with the previous day [2] 4. Trend Intensity - The trend intensity of tin is 1, with the range of trend intensity being integers in the [-2, 2] interval. The strength levels are classified as weak, slightly weak, neutral, slightly strong, and strong. -2 means most bearish, and 2 means most bullish [3] 5. Macro and Industry News - Trump said countries that play tricks will face higher tariffs [4] - Due to US tariff risks, the EU plans to suspend the approval of the US - EU trade agreement [4] - German Chancellor Merz will pay an official visit to China from February 25 to 26 [4] - Fed Governor Waller: CEOs say AI will lead to massive layoffs [4]

国泰君安期货商品研究晨报-贵金属及基本金属 2025年11月21日 观点与策略 期货研究 商 品 研 究 商 品 研 究 2025 年 11 月 21 日 黄金：降息预期回升 白银：震荡调整 业 服 务 研 | 黄金：降息预期回升 | 2 | | --- | --- | | 白银：震荡调整 | 2 | | 铜：风险情绪仍弱，价格震荡 | 4 | | 锌：宏观扰动 | 6 | | 铅：库存减少，限制价格回落 | 8 | | 锡：高位回落 | 9 | | 铝：宏观扰动 | 11 | | 氧化铝：区间震荡 | 11 | | 铸造铝合金：跟随电解铝 | 11 | | 镍：镍价破位下行，承压震荡运行 | 13 | | 不锈钢：弱现实压制钢价，但下方难言广阔 | 13 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 刘雨萱 投资咨询从业资格号：Z0020476 liuyuxuan023982@gtjas.com 【基本面跟踪】 贵金属基本面数据 | 贵金属基本面数据 | | | | | | | --- | --- | --- | --- | --- | --- | | | | 昨日收盘价 | ...