The most-traded SHFE tin contract pulled back and then stabilized with fluctuations, while both SHFE and LME entered a phase of consolidation simultaneously. [SMM Tin Midday Review]

On January 9, 2026, the most-traded SHFE tin contract (sn2602) fluctuated near 346,000 yuan in the morning before rising, and closed at 351,620 yuan/mt at the midday break, down 0.34%. The three-month tin contract on the London Metal Exchange (LME) closed at $44,500, up 1.89%. The difference in change was mainly due to different calculation methods, while the overall trend of SHFE and LME was consistent, both entering a phase of consolidation after a decline.

Recently, the sentiment support from international geopolitical events has weakened, and with uncertainties from macro unexpected events, the market maintained a cautious wait-and-see stance overall. After prices fell to a phased low yesterday, there was some follow-up buying at lower levels, but sustained buying interest was limited. Currently, downstream enterprises generally have low willingness to restock, mainly because the sharp fluctuations in futures continue to affect spot prices. Under financial pressure, downstream enterprises still primarily purchase as needed, with active stockpiling being rare.

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