SHFE Tin Consolidates Weakly After Earlier Rally, Spot Trades Sluggish Amid High Absolute Prices [SMM Tin Midday Comments]

During the midday session on January 27, 2026, the most-traded SHFE tin sn2603 contract opened at 425,810 yuan/mt and fluctuated around 430,000 yuan, closing at 430,500 yuan/mt, down 2.73% from the previous day's settlement price. Overseas, LME tin (LME three-month tin) was in a weak consolidation, temporarily quoted at $53,925/mt, down 1.05%. Recently, macro sentiment has cooled somewhat, with prices showing slight loosening after consecutive highs. The fundamentally weak situation continues to exert downward pressure, and current tin prices hover at highs.

In the spot market, continuous price increases have led to a significant contraction in downstream purchase willingness, resulting in a "price without market" condition. Downstream solder and electronics enterprises generally adopt a low inventory operation strategy, maintaining a cautious wait-and-see attitude, with only sporadic transactions for essential orders. In the tin chemical sector, demand remains weak due to the ongoing downturn in the real estate industry, with enterprises maintaining a just-in-time procurement model. As global visible inventory accumulates and expectations of production resumptions in Myanmar strengthen, supply-side pressures gradually become apparent. Current geopolitical uncertainties still support market sentiment, but if macro sentiment cools further or funds withdraw temporarily, there is a need to be vigilant about the risk of a pullback.