Macro Support Weakens, the Most-Traded SHFE Tin Contract Fluctuates at Highs, Spot Trades Remain Sluggish [SMM Tin Midday Review]

On January 22, 2026, the most-traded SHFE tin contract, sn2602, pulled back from around 420,000 yuan during the night session, opened slightly lower in the morning, and held up well, closing at 406,130 yuan/mt, up 0.98%. In the international market, LME three-month tin continued its fluctuating trend, quoted at $51,200/mt, down 0.19%. Geopolitical tensions and risk-off sentiment continue to provide some support to the metals sector, but previous sharp fluctuations have consumed some market enthusiasm, and the macro-driven price boost is marginally weakening, with prices showing a pattern of moving sideways after hitting highs in the short term.

Demand side, the rebound in futures prices further dampened purchase willingness among downstream enterprises, with the market returning to a "price without demand" state. Overall trading remained sluggish, driven only by limited rigid demand. Although multiple policies at the beginning of the year boosted expectations for downstream consumption, actual demand from emerging sectors has not yet been fully reflected, and traditional demand areas still dominate. End-users, constrained by high costs, placed limited follow-up orders, and the pace of demand release remained slow.