Post-Holiday Macro Sentiment Improves, the Most-Traded SHFE Tin Contract Rises but Spot Trades Sluggish [SMM Tin Midday Review]

On February 25, 2026, the most-traded SHFE tin contract, sn2603, rose sharply, driven by gains in LME, and closed the morning session at 410,210 yuan/mt, up 23,530 yuan, a gain of 6.09%. On the LME, three-month tin also strengthened, temporarily quoted at $52,500/mt, up 4.37%. Post-holiday, macro sentiment improved overall, with a weaker US dollar providing a favorable environment for nonferrous metals.

Spot side, current spot market circulation was limited, and suppliers generally maintained premium quotations. Most downstream solder enterprises remained in holiday mode; although some had resumed work, they were in the final stages such as equipment debugging and factory cleaning, with actual production not yet fully started. Sporadic restarted plants mostly consumed pre-holiday inventory, prioritized fulfilling pre-holiday orders, and showed very low new purchase willingness. Prices breaking through the 410,000-yuan mark further strengthened downstream's wait-and-see sentiment towards high-priced raw materials, keeping market trading activity low.

Short term, the current rise was mainly driven by recovering macro sentiment, with limited connection to actual spot transactions. Tin prices are expected to hover at highs in the near term; subsequent attention can be paid to the US dollar trend, changes in macro sentiment, and the actual release of downstream resumption pace and restocking willingness.