SHFE Tin's High-Level Support Loosens, the Most-Traded Contract Falls with Reduced Positions [SMM Tin Midday Review]

During the afternoon session on January 8, 2026, the most-traded SHFE tin contract (sn2602) closed at 350,710 yuan/mt, down 1.53%. The market attempted to stabilize in the morning session, but as the support from international geopolitical events gradually weakened, the most-traded contract experienced a decline with reduced positions. The market is currently focusing on further developments in the macro landscape, with trading sentiment gradually becoming more rational. The three-month LME tin also weakened, temporarily quoted at $44,190, with both SHFE and LME showing a synchronized pullback against the backdrop of loosening macro support.

On the news front, with the commencement of the 16th Five-Year Plan, multiple industrial support policies have been introduced at the beginning of the year. The MIIT yesterday released the "Industrial Internet and Artificial Intelligence Integration Empowerment Action Plan," injecting policy expectations into the development of emerging sectors. In the long run, this is expected to support the demand for key raw materials such as tin. However, based on current actual performance, the order structure of most downstream enterprises has not yet shown significant changes, with market feedback still centered on maintaining stable operations.

Spot market, although prices pulled back today, previous macro-driven gains have kept tin prices within a historically high range. High raw material prices continue to exert financial pressure on downstream enterprises, and the procurement pace remains primarily need-based. In recent days, market inquiry willingness has generally been weak, with most enterprises maintaining a cautious attitude, reflecting the significant inhibitory effect of current high prices on actual demand.

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