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데이터 기준일: 2026-11-03 · 결제 기준: 거래소 결제가(베이징 시간 15:00 종가, 전일 결제 대비)

SHFE Tin Main Continuous (SHFE.SN) In-Depth Analysis Report | Breaking Below the Lower End of the 20-Day Range on Rising Open Interest, Shorts Dominant | 2026-11-04

Tin 2612 contract is bearish. Core logic: the price broke below the 20-day closing low of 359110, with shorts actively adding positions to pressure the market; nominal open interest stands at 16.61 billion yuan, up 0.367 billion yuan on the day; LME and SHFE inventory trends diverge, with international warrant inflows slowing while Chinese warrants continue to flow out; the copper-gold ratio and oil-gold ratio are both near 1-year highs, indicating weak expectations for global manufacturing demand. Invalidation condition: daily close above the next pivot R1 at 364613.33.