The most-traded SHFE tin contract was in the doldrums near 390,000, as the market rationally released some transactions. [SMM Tin Midday Review]

On January 19, 2026, the most-traded SHFE tin contract SN2602 continued its pullback, opening at 393,700 yuan/mt and closing at 391,130 yuan/mt, down 5.59%. The main decline came from the downward trend during Friday's night session, and the futures fluctuated around 390,000 yuan during the morning session today. On the LME, tin futures rebounded slightly, temporarily quoted at $49,155, up 2.91%, remaining near the upper end of the overall fluctuation range, broadly in line with the SHFE trend.

In the spot market, last week's consecutive limit-up moves significantly dampened trading sentiment. High raw material costs and macroeconomic uncertainties heightened wait-and-see sentiment among industry chain enterprises. As prices fell below 400,000 yuan during Friday's night session, market trading activity recovered somewhat. However, after prices stabilized during the morning session today, trading volume contracted again. With tin prices still at relatively high levels, downstream enterprises showed limited restocking willingness, and transactions were mainly driven by rigid demand, keeping the overall market cautious and watchful.