SMM Tin Morning Brief on January 6, 2026:
Futures: The most-traded SHFE tin contract (SN2602) opened slightly lower, then fluctuated and rebounded, maintaining a sideways trend near 336,000 yuan/mt, and closed at 335,950 yuan/mt, up 1.05%.
Macro: (1) NVIDIA (NVDA.O) announced that the highly anticipated new "Rubin" data center products are expected to launch this year, allowing customers to trial the technology and thereby accelerating the development of artificial intelligence. NVIDIA stated that all six Rubin chips have been delivered from manufacturing partners and passed several key tests, indicating that customer deployment is on schedule. The newly launched Rubin accelerator offers a 3.5x improvement in training performance over the previous generation Blackwell and runs AI software 5x faster. The company emphasized that systems based on Rubin will have lower operating costs than those based on Blackwell, as they achieve the same results with fewer components. It is reported that Microsoft and other major remote computing service providers will be the first to adopt this new hardware in H2. (2) To expand the application scope of its technology, NVIDIA (NVDA.O) announced a series of AI models and tools aimed at accelerating the development of autonomous vehicles and providing technical support for the new generation of robots. The company recently released a vehicle platform named "Alpamayo." CEO Jen-Hsun Huang stated that the platform enables vehicles to "reason" in the real world. Potential users can adopt the "Alpamayo" model and retrain it themselves. This free service is designed to create vehicles capable of handling unexpected situations, such as traffic light failures, on their own. The vehicle's onboard computer analyzes input from cameras and other sensors, breaks it down into a series of steps, and derives a solution.
Fundamentals: (1) Supply side: Most smelters are expected to maintain relatively stable production in January. (2) Demand side: Downstream procurement remains cautious, with high prices significantly suppressing actual consumption.
Spot market: Trading in the spot market was mediocre, as high prices maintained a sideways trend, dampening downstream enterprises' purchasing enthusiasm. Most downstream enterprises only made just-in-time procurement, with low willingness for stockpiling.
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![The most-traded SHFE tin contract edged lower at the open in the night session before fluctuating upward and rebounding, while downstream enterprises mainly purchased to restock for phased rigid production demand [SMM Tin Morning Brief]](https://imgqn.smm.cn/usercenter/wRltl20251217171750.jpg)
