【点评】锡（Tin）：市场情绪回暖推升锡价

· 点评展望：锡价上涨的驱动主要两个：一是市场情绪的修复，近两日来，多数有色品种止跌企稳，对市场情绪带来提振；二是供应扰动的担忧，近日刚果金安全冲突升级，北基伍省动乱造成市场对供应中断的担忧。
总体来看，锡供应风险偏高，产业链库存低位，叠加AI带来的需求向好的预期，锡价预计偏强运行。策略上关注逢低做多布局机会。

· Commentary: The main drivers behind the rise in tin price were twofold: firstly, market sentiment improved as most non-ferrous metals stabilized over the past couple of days, boosting overall market mood; secondly, concerns over supply disruptions increased due to the escalation of security conflicts in the Democratic Republic of Congo (DRC).
Overall, tin supply risks are high, and inventory levels across the supply chain are low. Coupled with the positive demand expectations driven by AI, tin prices are expected to remain strong. Strategically, opportunities to buy on dips should be considered.

· 完整双语点评报告链接：https://www.citicfutures.com/Insights/Reports/Details/3046089

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