During the night session, the most-traded SHFE tin contract continued to fluctuate at highs, with some downstream enterprises yet to resume operations. [SMM Tin Morning Brief]

SMM Tin Morning Brief on February 25, 2026:

Futures: The most-traded SHFE tin contract fluctuated at highs during the night session, closed at 394,510 yuan/mt, up 2.02%. On the LME, the three-month tin contract was quoted at $50,300/mt, up 6.19%, continuing to fluctuate at highs.

Macro: (1) AMD (AMD.O) and Meta Platforms (META.O) today announced a 6-gigawatt agreement to provide multi-generational AMD Instinct GPU support for Meta's next-generation AI infrastructure. This agreement expands the existing strategic partnership between the two parties and aligns development roadmaps at the chip, system, and software levels to deliver AI platforms tailored to Meta's workloads. AMD Chair and CEO Su Lisa expressed pride in expanding the strategic collaboration with Meta as they push the boundaries of AI at an unprecedented scale. As part of the agreement, to further align strategic interests, AMD has granted Meta performance-based warrants to purchase up to 160 million shares of AMD common stock. AMD and Meta are collaborating comprehensively at the chip, system, and software levels to achieve global-scale deployment of AI infrastructure, thereby accelerating AI innovation and bringing AI-driven services and experiences to billions of users. (2) Apple (AAPL.O) announced it will expand factory operations in Houston, US, marking the first time future production of the Mac mini will be moved to the US. The company will also expand advanced AI server production at the facility and provide hands-on training later this year at its new advanced manufacturing center. Apple's operations in Houston will create thousands of jobs. Apple CEO Tim Cook stated that Apple is firmly committed to the future of US manufacturing, and they are proud to significantly expand their footprint in Houston with the Mac mini production program starting later this year. Additionally, by 2026, Apple is expected to purchase over 100 million advanced chips from TSMC's Arizona facility, a significant increase from 2025.

Fundamentals: (1) Supply side: Most smelters are expected to gradually halt for maintenance during the February Chinese New Year holiday. (2) Demand side: Downstream procurement remained cautious, pre-holiday restocking was largely completed, and downstream enterprises will gradually begin holiday shutdowns.

Spot market: Trading in the current market remained sluggish. Most downstream solder enterprises plan to resume work between the 26th and 28th, with some delaying their return until after the Lantern Festival on March 3. As tin prices fluctuated at highs before the holiday, downstream expectations for post-holiday orders were cautious, leading to limited release of overall inventory management demand during the pre-holiday price correction window. The current market is still in the early stages of post-holiday recovery, and spot market performance is sluggish.

[Data Source Statement: Except for publicly available information, other data are processed by SMM based on public information, market communication, and SMM's internal database model, and are for reference only, not constituting decision-making suggestions. The information provided is for reference only. This article does not constitute direct investment research or decision-making advice. Clients should make decisions cautiously and not use this to replace independent judgment. Any decisions made by clients are unrelated to Shanghai Metals Market.]