Macro sentiment continues, SHFE tin breaks through the 360,000 yuan mark in the afternoon session [SMM Tin Midday Review]

During the afternoon session on January 7, 2026, the most-traded SHFE tin 2602 contract continued to strengthen, closing at 360,330 yuan/mt, up 19,460 yuan or 5.71% from the previous trading day. It held up well at highs throughout the morning. The three-month LME tin contract also rose, temporarily quoted at $45,500. Both SHFE and LME prices rose in sync, supported by macro factors. The futures market showed a pattern of rising with increasing positions, indicating strong market participation, and may maintain consolidation at highs in the short term.

From a macro perspective, overseas geopolitical negotiations are still ongoing, and continued uncertainty is supporting the overall performance of the metals sector. However, fundamental support is limited, and high prices continue to face some pressure. The spot market currently shows clear resistance; despite positive macro sentiment, actual order follow-up is limited, and most enterprises remain cautious with post-holiday procurement. Overall, the current SHFE tin trend is still dominated by macro sentiment, and the afternoon session is expected to continue fluctuating at highs.