SHFE tin contract (sn2602) closed at 334,840 yuan/mt, with trading activity in the spot market showing signs of recovery. [SMM Tin Midday Review]

As of the midday session on December 25, 2025, the market's main trading focus gradually shifted from SN2601 to SN2602. The most-traded SHFE tin contract (SN2602) closed at 334,840 yuan/mt, down 1.48% from the previous settlement price, with an intraday trading range of 328,270–341,200 yuan/mt. On the LME side, trading was suspended on the 25th and 26th due to the Christmas holiday. The LME three-month tin contract closed at $42,490/mt in the previous session, edging down 0.81%.

In the spot market, trading activity remained sluggish. Since yesterday, futures prices retreated from highs, prompting increased inquiries from downstream customers and a slight uptick in market transactions. However, year-end effects were pronounced, with downstream enterprises generally entering a period of order contraction and financial settlement, leading to persistently weak restocking sentiment. With tin prices hovering at highs, downstream buyers mostly adopted a cautious purchasing approach, preferring to wait and see, as sustained strong buying interest had yet to emerge in the market.