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 pulled back and maintained a fluctuating trend. It opened at 393,700 yuan/mt and closed at 391,130 yuan/mt, down 5.59%. The main decline came from the pullback in Friday's night session. During the morning session, futures consolidated around 390,000 yuan. On the LME, tin futures slightly rebounded, temporarily quoted at $49,155, up 2.91%, remaining near the upper end of the fluctuation range, generally 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 uncertainty heightened wait-and-see sentiment among industry chain enterprises. After Friday's night session prices fell below 400,000 yuan, trading activity recovered somewhat. However, following the stabilization in the morning session, trading volume shrank again. With tin prices still at relatively high levels, downstream enterprises showed limited restocking willingness, with transactions mainly for rigid demand, and the overall market remained cautious.