The Most-Traded SHFE Tin Contract Retreats from Highs, Spot Transactions Slightly Released as Prices Loosen [SMM Tin Midday Review]

On the afternoon of December 30, 2025, the most-traded SHFE tin contract (sn2602) closed at 325,780 yuan/mt, down 4.84% for the day. Futures showed a broad downward trend starting from yesterday afternoon, opened at 334,200 yuan/mt today, and remained in the doldrums, with a slight rebound occurring just before the midday close. On the LME side, the three-month tin contract closed at $41,300/mt, up 3.22%. The difference in the direction of change between SHFE and LME mainly stemmed from different benchmark price calculation methods; the LME uses the closing price as the benchmark, while the most-traded SHFE contract uses the settlement price as the benchmark. Overall, tin price trends on both the SHFE and LME still moved in the same direction, and this correction was mainly influenced by the departure of bulls from earlier positions, with no significant change in the overall market supply landscape.

In spot trading, prices fell sharply during yesterday's evening session, and the previously sustained high prices showed signs of loosening, stimulating the release of some orders. During today's morning and midday sessions, tin prices continued their weak consolidation pattern, with a moderate inquiry atmosphere in the market.