The most-traded SHFE tin contract traded in a narrow range during the afternoon session, with sluggish trading activity maintaining a stable tone. [SMM Tin Midday Review]

On the afternoon of December 31, 2025, the most-traded SHFE tin contract (sn2602) closed at 324,520 yuan/mt, edging up 0.04% for the day. After retreating from highs, the contract price fluctuated downward within a range today. It opened at 327,910 yuan/mt in the morning session, and although it attempted to stabilize during the session, influenced by the last trading day of the year, buying activity was scarce, leading to a slight downward fluctuation. On the LME side, the three-month tin contract closed at $41,375/mt, down 1.94%. Affected by the New Year holiday, overseas market trading was also sluggish, with both SHFE and LME trends aligning.

Year-end downstream demand showed mediocre performance, as traditional consumption sectors entered a seasonally sluggish period. Although tin prices recently pulled back from highs, the absolute price remained elevated, continuously suppressing the purchase willingness of downstream enterprises, with the market mainly focusing on maintaining stability. Yesterday, due to the price drop, market inquiries were relatively active, releasing some orders primarily driven by rigid demand and restocking. However, overall, under the dual influence of price and year-end factors, spot market transactions remained relatively cold.