On January 16, after weakening in the night session, the most-traded SHFE tin contract SN2602 attempted to stabilize at the morning opening of 433,040 yuan/mt, but prices continued to decline and eventually closed at 406,220 yuan/mt, down 6.18%. On the LME side, tin futures extended their correction, temporarily quoted at $51,010, down 3.34%. Macro sentiment weakened today, and the metal sector generally declined.
In the spot market, downstream enterprises maintained just-in-time procurement pace, and purchase willingness slightly improved after prices softened, with transactions showing minor improvement. However, as the absolute price remains in a historically high range, overall market wait-and-see sentiment is strong, and most enterprises continue to adopt a cautious, wait-and-see approach to procurement. Overall, market focus has gradually shifted to changes in macro sentiment and the impact of warrant circulation after delivery on the spot market. In the short term, tin prices are expected to continue fluctuating; it is recommended to closely monitor macro developments, inventory digestion, and supply recovery progress in regions such as Myanmar.
