The most-traded SHFE tin contract price rebounded on technical adjustments, while trading in the spot market turned sluggish. [SMM Tin Midday Review]

On February 9, the most-traded SHFE tin contract opened higher and held up well, with prices rebounding and consolidating after sharp rises and falls. It closed at 373,890 yuan/mt in the morning session, up 3.75%. On the LME side, the three-month tin contract was quoted at $47,710/mt, with both SHFE and LME showing a pattern of strong consolidation.

As the Chinese New Year approaches, the market became increasingly sluggish ahead of the holiday. Most cross-regional logistics services were suspended this week, further restricting spot circulation and reducing activity in the spot market. Pre-holiday stockpiling by downstream enterprises had largely concluded last week when prices fell rapidly, and some small and medium-sized solder companies had already started their holidays early, leaving the market dominated by sporadic rigid demand orders.

Today's price rebound and stabilization were mainly driven by a technical recovery after the previous rapid oversold decline, with some bears taking profits also providing short-term support. However, against the backdrop of overall cooling macro sentiment, weak end-use demand, and an unclear post-holiday resumption pace, the market lacked sustained upward momentum. In the short term, tin prices may continue to consolidate, with directional guidance awaiting further clarity in fundamental signals after the holiday.