On January 7, 2026, SHFE tin futures rose sharply, with the most-traded contract sn2602 closing at 359,050 yuan/mt, up 18,180 yuan for the day, a gain of 5.33%. Trading was active during the session, hitting a high of 364,240 yuan/mt and a low of 347,050 yuan/mt, with a total volume of 459,900 lots for the day, and open interest increased by 2,774 lots. However, the high-price environment dampened downstream purchase willingness, and transactions were mainly driven by rigid demand.

As of January 7, three-month LME tin closed at $44,665/mt, up 0.37% from the previous day. Geopolitical risks injected uncertainty into the supply side. The US military actions in Venezuela escalated global risk-off sentiment.

From a macro perspective, domestic accommodative monetary policies and overseas expectations for interest rate cuts jointly boosted market risk appetite, while a weaker US dollar index further enhanced the appeal of dollar-denominated nonferrous metals, with significant signs of capital flowing into the nonferrous metals sector.

Looking ahead, tin prices are expected to hold up well in the short term amid macro support, but caution is needed against the dampening effect of high prices on spot transactions and the potential correction risk from faster-than-expected supply recovery in Myanmar and Indonesia. Investors should monitor marginal changes in supply-demand fundamentals and avoid chasing prices blindly.