The most-traded SHFE tin contract rebounded strongly, with geopolitical factors boosting sentiment, but high prices suppressed spot tin transactions. [SMM Tin Midday Review]

During the afternoon session on January 6, 2026, the most-traded SHFE tin contract 2602 rebounded driven by macro geopolitical factors, closing at 347,710 yuan/mt at midday, up 15,260 yuan from the previous trading day's settlement price, a gain of 4.59%, with an intraday high of 348,400 yuan/mt. SHFE morning trading volume approached 238,000 lots, accompanied by an increase in open interest, indicating warming market sentiment. On the external market, the three-month LME tin contract also rose, temporarily quoted at $43,990/mt, up 3.36%, showing a pattern of synchronized gains both domestically and internationally.

Despite the strong performance in futures, actual transactions in the spot market remained constrained by high prices. Post-holiday spot circulation resources were relatively tight, and downstream enterprises maintained cautious procurement, mainly purchasing based on orders and as needed. Fundamentally, the tin market is currently in a seasonal demand off-season. Although the implementation of national subsidy policies at the beginning of the year helps stabilize medium and long-term consumption expectations, the boost from the traditional consumer electronics sector remains limited, and industries like PV also showed mediocre performance. Against the backdrop of prices rising sharply detached from fundamentals, downstream players generally adopted a wait-and-see attitude, with actual transactions following up slowly.