The most-traded SHFE tin contract (SN2603) maintained a sideways consolidation trend during the night session, while fear of high prices continued to spread in the spot market. [SMM Tin Morning News]

SMM Tin Morning Briefing on January 27, 2026:

Futures: The most-traded SHFE tin contract (SN2603) opened slightly higher in the night session and maintained a fluctuating trend, closing at 436,110 yuan/mt, down 1.47%.

Macro: (1) Microsoft has launched its second-generation AI chip, a core part of the company's initiative to more efficiently support its services and provide an alternative to Nvidia products. The "Maia 200" chips, produced by TSMC, are being shipped to Microsoft's data center in Iowa and will be deployed in the Phoenix area next. Microsoft invited developers to start using the control software for Maia 200 on Monday, but it is unclear when Azure cloud service users will be able to access servers equipped with the chip. Scott Guthrie, Microsoft’s chief cloud and AI officer, said the first batch of chips would go to the company's superintelligence team to generate data for optimizing the next generation of AI models, cloud services, and AI systems. These chips will also power the "Copilot" assistant for enterprise services and various AI models, including the latest version from OpenAI, that Microsoft leases to cloud customers. (2) JPMorgan stated that better-than-expected iPhone demand and lower operating expenses could drive Apple (AAPL.O) to outperform market expectations. The bank reiterated its "overweight" rating on the tech giant and raised its target price from $305 to $315. Apple is set to report its Q1 2026 earnings on Thursday. "We believe positive data signals related to strong demand for the iPhone 17-series have been overshadowed by investors' mild concerns over unprecedented memory cost increases impacting gross margins, potential price elasticity issues with iPhone demand, and softer growth in some App Store services within the quarter," Chatterjee noted. He believes that robust demand for the iPhone 17, coupled with lower operating expenses, will enable Apple to exceed both revenue and profit expectations in the first quarter.

Fundamentals: (1) Supply: Most smelters are expected to maintain stable production in January. (2) Demand: Downstream purchases remain cautious, with high prices significantly suppressing actual consumption.

Spot Market: The spot market shows limited acceptance of current high prices, with fear of high prices continuing to spread. Downstream solder enterprises and the electronics industry generally adopt a low-inventory operation strategy, maintaining a just-in-time purchasing pace, resulting in sluggish overall transactions.

[Data Source Statement: Apart from publicly available information, other data is derived from public information, market communication, and SMM's internal database model, processed by SMM for reference only and does not constitute decision-making advice.]The information provided is for reference only. This article does not constitute direct advice for investment research decisions. Clients should make decisions prudently and not use it to replace their independent judgment. Any decisions made by clients are unrelated to SMM.