February 2, 2026 SMM Tin Morning Brief:
Futures: The most-traded SHFE tin contract (SN2603) fluctuated rangebound during the night session, closing at 412,260 yuan/mt, down 6.56%.
Macro: (1) Seres announced that in January 2026, its NEV production reached 44,098 units, up 121.72% YoY; sales reached 43,034 units, up 140.33% YoY. Among them, Seres vehicle production reached 40,296 units, up 130.09% YoY; sales reached 40,012 units, up 143.50% YoY. Production and sales of other car models declined. The company's total production was 46,233 units, up 104.36% YoY; total sales were 45,948 units, up 104.85% YoY. Final data are subject to the 2026 audit data. (2) The Administrative Committee of Beijing Economic-Technological Development Area issued the "Implementation Plan for Further Accelerating the Construction of a City-Wide Artificial Intelligence Hub (2026-2027)". It mentioned appropriately advancing the layout of frontier technologies, adhering to mutual empowerment between frontier technologies and AI, promoting "integration of quantum and AI," building quantum computing infrastructure that integrates quantum and electricity and combines four types of computing, constructing a heterogeneous concept verification platform with multiple computing technology routes, and conducting simulation verification in scenarios such as new materials R&D and new energy power prediction. Strengthening "6G+AI" collaboration, supporting the establishment of key institutions such as 6G AI laboratories, building a 6G+AI integrated testing and verification platform, and conducting technical verification in scenarios such as embodied AI, smart factories, and smart logistics. Exploring the construction of space-air intelligent infrastructure, deepening collaborative R&D of technologies in communications, remote sensing, navigation, and other fields with AI, and creating an intelligent and efficient new-generation space-air information foundation.
Fundamentals: (1) Supply side: Most smelters are expected to gradually halt production for maintenance in February, entering the Chinese New Year holiday. (2) Demand side: Downstream procurement remains cautious, pre-holiday restocking is basically over, and downstream enterprises will gradually begin to halt production for rest.
Spot market: Persistently high absolute prices continue to suppress downstream procurement sentiment, with overall sluggish transactions, presenting a state of "price without market"; although the price pullback released some rigid demand, leading to a slight recovery in transactions, downstream willingness for pre-holiday restocking remains unclear. Solder and electronics enterprises mostly maintain low inventory operations, generally adopting a cautious wait-and-see attitude, with high prices significantly suppressing actual consumption.
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