The most-traded SHFE tin contract continued its fluctuating trend before the holiday, with trading in the spot market sluggish as the holiday approached. [SMM Tin Midday Review]

On February 11, 2026, the most-traded SHFE tin contract held up well, closing at 392,210 yuan/mt, up 2.62%. Overseas, the three-month LME tin also rose, temporarily quoted at $49,990/mt, up 1.54%. The market is currently in a consolidation phase, mainly driven by sentiment-driven positioning among remaining open interest.

The spot market has entered the Chinese New Year rhythm. Logistics-wise, transportation in major producing regions such as Yunnan and Jiangxi has largely stalled, with only limited local circulation maintained in east China. According to market surveys, the vast majority of downstream solder enterprises have entered the holiday period. As some companies completed phased stockpiling during the earlier price correction phase, current purchase willingness is generally weak. Although overall market activity is sluggish, limited spot circulation resources have kept offers at a relatively high premium structure, showing a typical "price without market" situation. Against this backdrop, the futures market lacks validation and support from actual spot transactions, with price fluctuations reflecting more short-term sentiment-driven positioning.

As the Chinese New Year holiday approaches, market participation will continue to decline, and price fluctuations are expected to gradually narrow ahead of the holiday. Subsequent focus should be on overseas macro policy changes and geopolitical developments during the holiday, as well as the pace of production resumptions and the release of restocking demand among downstream enterprises after the holiday.