SHFE Tin Price Briefly Breaks Through 320,000 Mark, Maintaining at a Relatively High Level [SMM Tin Midday Review]

During the midday session on December 11, 2025, the most-traded SHFE tin contract (SN2601) fluctuated at highs. By the midday close, the most-traded contract settled at 318,680 yuan/mt, up 1,320 yuan from the previous day's settlement price, a gain of 0.42%. In terms of futures performance, SHFE tin opened higher at 321,570 yuan/mt in the morning, briefly extended gains, then saw its advance narrow due to some profit-taking, with trading activity remaining at recent highs. Meanwhile, tin prices on the London Metal Exchange (LME) showed strong performance; the latest quote for LME tin electronic 3 contract was $40,250/mt, up 0.60% (or $242) on the day, having hit an intraday high of $40,700/mt.

In the short term, SHFE tin prices remain dominated by the interplay between macro sentiment and fundamentals. Although the US Fed cut interest rates as expected in its December rate decision, its cautious stance on the 2026 policy path heightened market volatility. If the US dollar index weakens further, tin's financial attributes may continue to receive support; however, if the domestic inventory buildup trend persists, upside room for prices will be constrained. The most-traded SHFE tin contract is expected to move sideways in the 315,000–325,000 yuan/mt range in the afternoon session. It is advisable to monitor LME inventory changes, geopolitical developments in Southeast Asia, and actual downstream procurement dynamics.