Macro tailwinds fail to offset high-price resistance, the most-traded SHFE tin 2602 contract fluctuates at highs, closes down 0.28% [SMM Tin Morning News]

SMM Tin Morning Brief on January 8, 2026:

Futures: The most-traded SHFE tin contract (SN2602) approached the 360,000 yuan mark during the day, but traded in the doldrums in the evening session and closed at 355,170 yuan/mt, edging down 0.28%. The impact of sudden macro events was limited.

Macro: (1) The Ministry of Industry and Information Technology (MIIT) and seven other departments issued the "Implementation Opinions on the Special Action for 'Artificial Intelligence + Manufacturing'", which mentioned strengthening the supply of AI computing power. It called for promoting the coordinated development of software and hardware for AI chips, supporting breakthroughs in key core technologies such as high-end training chips, edge inference chips, AI servers, high-speed interconnects, and intelligent computing cloud operating systems. It also outlined plans to orderly advance the layout of high-level intelligent computing facilities, accelerate the construction of computing power interconnection platforms and the national integrated computing power network monitoring and scheduling platform, carry out pilot projects for intelligent computing cloud services, promote the deployment of large-model all-in-one machines, edge computing servers, and industrial cloud computing power, and enhance the supply capacity of intelligent computing resources. (2) Samsung Electronics reported record-breaking profits, surging 208% and exceeding expectations, driven by a global surge in demand for AI servers, which led to a sharp rise in memory chip prices. Samsung's preliminary operating profit for the December quarter was 20 trillion won (approximately $138 billion), compared with an average expectation of 17.8 trillion won. Revenue increased 23% to 93 trillion won. Samsung's stock more than doubled in market value in 2025 and climbed significantly again this month, reflecting expectations for stellar quarterly results.

Fundamentals: (1) Supply side: Most smelters were expected to maintain stable production in January. (2) Demand side: Downstream procurement remained cautious, with high prices significantly suppressing actual consumption.

Spot market: Trading in the spot market was mediocre, with most enterprises making just-in-time procurement only and showing low willingness for stockpiling, while downstream players largely adopted a cautious wait-and-see attitude.