The most-traded SHFE tin 2602 contract experienced a rapid decline during the night session, settling near 319,000 yuan/mt [SMM Tin Morning News]

SMM Tin Morning Brief on December 30, 2025:

Futures: The most-traded SHFE tin contract (SN2602) fluctuated downward rapidly at the night session, sliding to 318,000 yuan/mt after opening, then fluctuated rangebound and closed at 319,290 yuan/mt, down 6.73% from the previous trading day.

Macro: (1) Nvidia (NVDA.O) said in a filing on Monday that it had purchased $5 billion worth of Intel (INTC.O) shares, finalizing the deal announced by the US semiconductor company in September. The leading AI chip designer said in September that it would acquire Intel common stock at $23.28 per share. The transaction was seen as a significant financial boost for Intel after years of missteps and capital-intensive expansion drained its finances. According to Monday's filing, the world's most valuable company had bought over 214.7 million Intel shares via private placement at the price set in the agreement. According to an announcement issued earlier this month by the US Federal Trade Commission (FTC), US antitrust authorities have approved Nvidia's investment in Intel. (2) On December 26, the National Energy Administration held a symposium in Kunming, Yunnan, on promoting the construction of a high-quality charging infrastructure system in 2025. The meeting called for efforts to effectively implement the three-year doubling action plan for EV charging facility service capabilities by improving facilities, enhancing services, and strengthening safety, and to accelerate the construction of a high-quality charging infrastructure system. This involves improving the charging infrastructure service network and increasing the coverage rate of charging facilities in key scenarios such as residential areas and rural regions; optimizing the service efficiency of charging infrastructure and promoting the planning and construction of large-power charging facilities; striving to improve the quality of charging operation services and effectively safeguarding consumer rights; accelerating the cultivation of a healthy and upward industrial ecosystem and deepening the large-scale application pilot of vehicle-grid interaction; and strengthening the safety management of charging infrastructure to prevent and mitigate safety risks in the charging sector.

Fundamentals: (1) Supply side: Most smelters' production was expected to remain stable in December. (2) Demand side: Downstream procurement was relatively cautious, with high prices significantly suppressing actual consumption.

Spot market: During the daytime session yesterday, futures fluctuated downward in the afternoon. Most downstream and end-user enterprises began small-scale restocking and just-in-time procurement in the afternoon, but the overall wait-and-see sentiment remained strong. Prices fell significantly at the night session, and spot market transactions recovered.

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