[SHFE Tin Market Midday Review] The SHFE tin contract (sn2602) closed at 334,840 yuan/mt, with downstream buyers remaining cautious and adopting a wait-and-see approach.

As of the mid-session on December 25, 2025, the market's 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 day's settlement price, with intraday fluctuations ranging between 328,270-341,200 yuan/mt. In the overseas market, due to the Christmas holiday, the market was closed on the 25th and 26th. LME three-month tin futures closed at $42,490/mt in the previous trading session, down slightly by 0.81%.

In the spot market, trading remained sluggish. Since yesterday, futures prices have retreated from their highs, but showed an upward trend during the day. Early in the morning, downstream customers' interest in inquiries increased, but transactions were cautious. Currently, the year-end effect is significant, with downstream enterprises generally entering a period of order contraction and financial settlement, showing weak restocking intentions. With tin prices fluctuating at highs, downstream players are mostly observing, and the market has yet to form strong and sustained buying.