The most-traded SHFE tin 2602 contract fluctuated downward, closing down 1.53%. Trading in the spot market showed signs of recovery. [SMM Tin Morning News]

SMM Tin Morning Brief on January 9, 2026:

Futures: The most-traded SHFE tin contract (SN2602) fluctuated downward during the night session, closed at 347,430 yuan/mt, down 1.53%. The impact of sudden macro events is expected to be limited.

Macro: (1) The General Office of the People's Government of Guangzhou Municipality issued the "Guangzhou City Plan for Accelerating the Construction of an Advanced Manufacturing Hub (2024–2035)". It mentioned continuously promoting the design, manufacturing, and packaging/testing capabilities of automotive chips, including computing, control, storage, analog drive and power supply, communication and interface, sensor, and power categories, to enhance the security level of the industry chain and supply chain. Specifically, it aims to facilitate collaboration between chip manufacturers, design enterprises, and automakers in the packaging, testing, certification, and application of automotive chips such as high-reliability microcontrol units (MCUs), AI chips, power control management chips, advanced driver assistance system (ADAS) chips, and automotive audio/video/information terminal chips, accelerating the improvement of related supporting service capabilities and promoting the large-scale application of independently controllable automotive chips. Guided by automotive enterprise applications, it seeks to enhance related supporting service capabilities and drive the large-scale application of independently controllable automotive chips. (2) The General Office of the People's Government of Guangzhou Municipality issued the "Guangzhou City Plan for Accelerating the Construction of an Advanced Manufacturing Hub (2024–2035)". It mentioned focusing on the entire value chain of NEV R&D, manufacturing, and services, accelerating the formation of industry chains for key assemblies such as power batteries, drive motors, electronic controls, and fuel cell stack systems, and establishing leading advantages in areas like the "three electrics" (battery, motor, and electronic control), sensors, and specialized chips. It supports the construction of integrated innovation platforms for NEVs with smart energy and intelligent transportation, and accelerates the establishment of the National Innovation Center for Intelligent and Connected Vehicles. It explores multi-scenario applications of autonomous driving technology based on efficient coordination among vehicles, roads, networks, clouds, and maps, and accelerates technological breakthroughs and industrialisation development in intelligent connected NEVs. It also accelerates the construction of intelligent connected vehicle industrial parks, continues to promote the R&D and industrialisation of intelligent EVs, and strengthens testing and demonstration of intelligent connected vehicles.

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

Spot market: Prices generally showed a downward fluctuation trend yesterday. Most downstream and end-users conducted small-scale restocking and just-in-time procurement at lower levels, leading to a recovery in overall spot market transactions.

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