The most-traded SHFE tin contract, SN2603, fluctuated upward today, with geopolitical risk aversion driving the market while rising inventory concerns persisted. [SMM Tin Midday Review]

On January 23, 2026, SHFE tin futures prices fluctuated upward, with the most-traded contract switching to SN2603. Recent overseas geopolitical tensions continued to support market risk-off sentiment, coupled with increased uncertainty in event developments, boosting the recent sustained price strength. The SN2603 contract closed at 417,450 yuan/mt this morning, up 4.19%. On the LME side, three-month tin was quoted at $53,695/mt, maintaining strength in sync.

Although risk-off sentiment drove prices higher, global visible inventory was gradually accumulating, requiring vigilance against high-level correction risks. The current high prices significantly suppressed actual demand in the spot market, with downstream sectors generally maintaining just-in-time procurement. Traditional consumer electronics remained in the off-season, and combined with funding cost pressure, solder enterprises reported weak orders, indicating insufficient overall demand-side resilience. Supply side, potential recovery possibilities also posed downward pressure on prices; accelerated production resumptions in Myanmar mines or loosened Indonesian export policies could ease current tight supply expectations. Overall, although uncertainties such as geopolitics still supported short-term tin price strength, high price levels' suppression of actual demand, potential supply recovery, and macro sentiment uncertainty collectively constituted potential market correction pressure.