On January 5, 2026, SHFE tin futures showed a pattern of sharp rises, with the most-traded contract sn2602 closing at 334,370 yuan/mt, up 8,000 yuan for the day, a gain of 2.45%. Trading was active during the session, hitting a high of 335,260 yuan/mt and a low of 326,000 yuan/mt. Total volume for the day was 148,000 lots, with open interest increasing by 508 lots. However, the high-price environment dampened downstream purchase willingness, and transactions were mostly driven by rigid demand.

As of January 5, three-month LME tin settled at $41,925/mt, up 4.16% from the previous day. Geopolitical risks injected uncertainty into the supply side. The escalation of US military operations in Venezuela heightened global risk-off sentiment.

From an industry chain perspective, the tin market currently faces a dual-driven pattern of supply and demand. Supply side, the resumption of production at Myanmar tin mines is progressing, with December imports expected to reach around 6,000 mt. Demand side, the traditional consumer electronics sector is in the off-season, and orders for solder enterprises are mediocre.

Looking ahead, tin prices are expected to hold up well in the short term, driven by macro sentiment and capital flows, but attention should be paid to the risk of technical corrections after consecutive gains. A key technical resistance level exists near 334,000 yuan/mt. The core fluctuation range for the most-traded SHFE tin contract is projected to be between 320,000 and 336,000 yuan/mt.