Search results for tin prices

On January 30, the most-traded SHFE tin contract sn2603 experienced a significant correction following a previous sustained upward trend, as macro sentiment cooled and funds took profits, leading to a broad decline in futures prices. The intraday price fell sharply with a wide range, with open interest decreasing by 8,589 lots for the day, and it finally closed at 409,000 yuan/mt, down 8.26% from the previous day's settlement price. On the LME side, three-month LME tin also moved lower, temporarily quoted at $52,500/mt, a decrease of 3.67%. On the overseas supply side, data released by Australia's Metals X showed that tin concentrate production at its Renison mine reached 3,319 mt in Q4 2025, surging 46.1% QoQ, boosting full-year production to 10,747 mt, nearing a historical high. The ore mining grade for the quarter significantly improved by 55% to 2.34%, while the mineral processing recovery rate increased to 82.34%, reflecting continued improvements in mine production efficiency. If this production level can be maintained, it may partially alleviate market concerns about overseas supply. Demand side, the weak trend persists. Although the price decline prompted the release of some orders, current price levels remain at a relatively high level, limiting the release of pre-holiday restocking demand. The terminal electronics industry continues to face cost pressure from rising metal prices, resulting in slow demand transmission; in the PV market, after the installation rush in December, new projects in Q1 are limited, making it difficult to effectively boost demand. Overall, tin prices have entered an adjustment phase driven by weakening macro drivers, improving overseas supply expectations, and persistently weak demand. Going forward, close attention should be paid to pre-holiday macro developments, the implementation of Indonesia's RKAB policy, and global inventory changes. In the short term, tin prices may continue their fluctuating trend with the price center gradually shifting downward. Industry participants are advised to engage rationally and focus on risk control.

SMM Tin Morning Brief on January 30, 2026: Futures: The most-traded SHFE tin contract (SN2603) opened slightly higher in the night session and continued to rise, reaching a high of 469,950 yuan/mt before falling sharply during the session and closing at 436,720 yuan/mt, down 2.04%. Macro: (1) Earlier reports suggested that SpaceX and xAI might consider a merger, but the latest reports indicate that SpaceX is evaluating two options. According to informed sources, SpaceX is also considering a merger with Tesla. This suggests that Musk is weighing how to consolidate his business empire. Sources said the company has explored the feasibility of collaboration between SpaceX and Tesla, with some investors pushing for the idea. Other sources stated that before an IPO, SpaceX is also exploring a merger with xAI. Sources revealed that any deal could attract strong interest from infrastructure funds and Middle Eastern sovereign investors. The transaction may also require significant financing. Sources noted that SpaceX has not yet made a final decision, details may change, and the companies may decide to remain independent. Tesla's stock surged 4.5% in after-hours trading on Thursday. (2) The General Office of the State Council issued the "Work Plan for Accelerating the Cultivation of New Growth Points in Service Consumption." It promotes innovation and development across the entire chain in the automotive circulation and consumption sector, selects pilot cities, supports pilot initiatives in key areas of the automotive aftermarket, accelerates the removal of restrictive measures, explores tiered and classified management of automotive modifications, improves the certification system for classic cars, strengthens the construction of RV camping bases, and researches and improves relevant management systems and technical standards. It enhances international cooperation, develops automotive culture, supports the construction and operation of automotive museums, encourages the hosting of related events and activities, and fosters cross-border integration innovation projects combining automotive with tourism, culture, sports, etc. It promotes high-quality development of minibus and car rental services, improves the rental service network, cultivates and strengthens business entities, and enhances rental service levels. It further promotes the development of self-drive tourism, improves transportation conditions for self-drive tours, and creates a safe, comfortable, and convenient travel environment for self-drive tourism. Fundamentals: (1) Supply side: Most smelters are expected to maintain stable production in January. (2) Demand side: Downstream procurement remains cautious, with high prices significantly suppressing actual consumption. Spot market: Traditional pre-holiday restocking orders have not seen increased volume due to high prices. Demand in the consumer electronics market is suppressed by the overall rise in metal prices. Although the PV sector has short-term expectations of an export rush due to the cancellation of export tax rebates, high raw material prices significantly weaken order growth. Overall consumption support is limited, and the spot market remains sluggish. [Data Source Statement: Data other than publicly available information is processed by SMM based on public information, market communication, and SMM's internal database model, and is for reference only, not constituting decision-making advice. The information provided is for reference only. This article does not constitute direct investment research or decision-making advice. Clients should make decisions prudently and not use it to replace independent judgment. Any decisions made by clients are unrelated to SMM.]

On January 28, the most-traded SHFE tin 2603 contract fluctuated at highs, closed at 443,800 yuan/mt, up 2.11% intraday. On the LME side, the three-month tin contract closed at $55,250/mt. Both SHFE and LME markets consolidated. According to news, recent massive investments in AI infrastructure by global internet giants and startups have driven a surge in DRAM demand, leading to significant price increases for memory products such as LPDDR5. Meanwhile, major DRAM producers are shifting capacity heavily toward HBM (high-bandwidth memory) dedicated for AI, further exacerbating shortages in consumer-grade DRAM. Development expectations in emerging sectors remain positive. From the current fundamental perspective, with raw material prices fluctuating at highs for an extended period, many downstream enterprises are following up with small orders for rigid demand, mainly digesting orders. Terminal electronics enterprises face strong cost pressure due to broad gains in the metal sector, significantly suppressing demand. As the Chinese New Year approaches, some enterprises have already entered the holiday state early, resulting in sluggish spot market trading. Overall, tin prices are supported by macro sentiment and development expectations to fluctuate at highs, but caution is needed against volatility risks from a widening divergence between high prices and fundamentals.

SMM Tin Morning Meeting Minutes for January 26, 2026 Last week, domestic and overseas tin prices fluctuated considerably at highs. The most-traded SHFE tin contract once hit a record high of 434,600 yuan/mt, while LME tin futures also broke through $53,500/mt. Price volatility was primarily driven by macro liquidity expectations, supply concerns stemming from geopolitical tensions, and the demand outlook for tin in areas such as AI computing. However, changes in US chip policy towards China and other macro factors also influenced market sentiment. From a fundamental perspective, the market overall exhibited a sluggish supply-demand pattern. On the supply side, most smelters are expected to maintain stable production, and mine-side resources are relatively steady. However, vigilance is required regarding potential supply recovery, such as accelerated production resumptions in Myanmar mining areas or loosened export policies in Indonesia. On the demand side, consumption is significantly suppressed by persistently high tin prices. Downstream solder enterprises and end-user purchases remain cautious. Although the Chinese New Year is approaching, pre-holiday restocking demand has not materialized significantly due to the absolute high price pressure. Trading in the spot market is sluggish, largely characterized by "nominal prices without actual transactions," with only rigid demand supporting minimal deals. Concurrently, the traditional consumer electronics sector is in its off-season, and demand impetus from emerging fields has not yet been fully realized. While uncertainties like geopolitical issues may continue to support short-term tin price strength, factors such as high prices suppressing actual demand, the gradual accumulation of global visible inventory, potential supply recovery, and marginally weakening macro sentiment collectively constitute potential downward pressure for the market. SHFE tin prices are expected to hover at highs in the short term. Investors should closely monitor speculative fund movements, changes on the supply side, and actual downstream consumption.

On January 23, tin prices both domestically and overseas exhibited a high-level, strong fluctuating trend. The most-traded SHFE tin contract, sn2603, once reached 434,600 yuan/mt during the session and closed at 429,570 yuan/mt, up 4.71%. The three-month LME tin contract also rose in sync, hitting a high of $54,350/mt. The current price strength is primarily driven by macro liquidity expectations, supply concerns triggered by geopolitics, and the demand outlook from emerging sectors like artificial intelligence. However, external uncertainties, such as changes in US chip policy towards China, are also impacting market sentiment. In 2025, China made positive progress in promoting the integration of technological innovation and industry. According to data from the MIIT, artificial intelligence injected strong momentum into the industrial economy. Industrial robot production increased 28% YoY, while NEV sales reached 16.49 million units, up 28.2% YoY. Investment in industries such as aerospace equipment manufacturing achieved double-digit growth. At the beginning of 2026, multiple industrial policies continued their support for emerging sectors, providing medium and long-term demand expectations for key materials like tin. However, from a fundamental perspective, the market currently shows a weak supply-demand dynamic. The supply side remains generally stable, but potential increases from production resumptions in Myanmar and policy easing in Indonesia warrant attention. On the demand side, high prices have significantly dampened consumption. Downstream solder enterprises are purchasing cautiously. Despite the approaching Chinese New Year, traditional restocking demand has not yet materialized, spot transactions are sluggish, and only rigid demand is sustaining minimal trading. The traditional consumer electronics sector is in its off-season, and demand from emerging sectors has not yet fully translated into actual procurement. Overall, while macro narratives and geopolitical factors may continue to support short-term tin price strength, caution is advised against downside risks. These risks stem from high prices suppressing actual demand, the accumulation of global visible inventory, potential supply recovery, and a marginal weakening of macro sentiment. It is recommended to continuously monitor inventory changes, supply dynamics in Myanmar and Indonesia, and the pace of post-holiday demand recovery.

SMM Tin Morning Meeting Minutes, January 19, 2026 On the macro front, the US eased export controls on chips to China, while the Trump administration announced tariffs on certain imported chips, affecting market sentiment. The global smartphone market showed signs of recovery, but faced pressure from rising memory costs. Domestically, the tin market exhibited a sluggish supply-demand balance. On the supply side, most smelters were expected to maintain stable production, with relatively stable ore resources. Demand side, tin prices fluctuating at highs significantly suppressed demand, leading to cautious procurement by downstream solder enterprises and end-users. High prices restrained actual consumption, resulting in sluggish transactions in the spot market. Enterprises mainly made small purchases based on immediate needs, controlling inventory levels. Some processing enterprises saw reduced operating rates. As the Chinese New Year approached, consumption gradually weakened, and the sluggish supply-demand balance was expected to persist. Overall, tin prices experienced increased volatility driven by macro sentiment, but fundamental support was limited. High prices continued to suppress demand, and tin prices were expected to fluctuate at highs in the short term. Investors were advised to exercise caution, monitor macro policy changes and downstream actual consumption, and manage risks.

SMM Tin Morning Meeting Minutes, January 12, 2026 On the macro front, sudden geopolitical events briefly boosted market risk aversion sentiment, but the sustainability of such events was limited, and market sentiment gradually returned to rationality. The domestic tin market overall presented a pattern of stable supply and demand but suppressed demand. In terms of supply, production at most smelters was expected to remain stable, and the supply side was relatively steady. On the demand side, downstream enterprises such as solder manufacturers generally adopted a cautious approach to procurement; tin prices fluctuating at highs significantly suppressed actual consumption, with most enterprises only making just-in-time procurement and showing low willingness for active stockpiling. However, when prices fluctuated downward, it could stimulate rigid procurement demand from some downstream enterprises, leading to a phased recovery in spot market transactions. From a policy perspective, China continues to promote the development of industries such as artificial intelligence, high-end chips, and NEVs. As these sectors are important downstream consumers of tin metal, their medium and long-term demand prospects provide potential support for the market. Overall, tin prices are expected to hover at highs in the short term, with price fluctuations significantly influenced by the interplay between macro sentiment and rigid demand in the spot market. Investors are advised to closely monitor domestic and overseas macro policy developments and changes in spot market transactions, pay attention to the suppressive effect of high prices on demand, focus on phased opportunities arising from downstream restocking during price pullbacks, and remain vigilant against short-term volatility risks caused by unexpected events.

On January 5, 2026, SHFE tin futures showed a pattern of sharp rises, with the most-traded contract sn2602 closing at 334,370 yuan/mt, up 8,000 yuan for the day, a gain of 2.45%. Trading was active during the session, hitting a high of 335,260 yuan/mt and a low of 326,000 yuan/mt. Total volume for the day was 148,000 lots, with open interest increasing by 508 lots. However, the high-price environment dampened downstream purchase willingness, and transactions were mostly driven by rigid demand. As of January 5, three-month LME tin settled at $41,925/mt, up 4.16% from the previous day. Geopolitical risks injected uncertainty into the supply side. The escalation of US military operations in Venezuela heightened global risk-off sentiment. From an industry chain perspective, the tin market currently faces a dual-driven pattern of supply and demand. Supply side, the resumption of production at Myanmar tin mines is progressing, with December imports expected to reach around 6,000 mt. Demand side, the traditional consumer electronics sector is in the off-season, and orders for solder enterprises are mediocre. Looking ahead, tin prices are expected to hold up well in the short term, driven by macro sentiment and capital flows, but attention should be paid to the risk of technical corrections after consecutive gains. A key technical resistance level exists near 334,000 yuan/mt. The core fluctuation range for the most-traded SHFE tin contract is projected to be between 320,000 and 336,000 yuan/mt.

SMM Tin Morning Meeting Minutes for January 5, 2026 From a macro perspective, the temporary relaxation of US export restrictions on semiconductor equipment to South Korea may have some impact on the global technology industry chain. Domestically, the Ministry of Industry and Information Technology established a technical committee for humanoid robot and embodied AI standardization, while the Ministry of Commerce and other departments released details of the 2026 automobile trade-in subsidy policy. Chongqing Municipality added subsidies for vehicle replacement and renewal, and the National Energy Administration promoted the construction of high-quality charging infrastructure. These measures aim to drive the development of related industries through standardization leadership and consumption stimulus, potentially providing long-term support for the demand of industrial metals such as tin. In the domestic tin market, supply and demand remained stable overall, but high prices suppressed demand. In terms of supply, most smelters' production in December was expected to be relatively steady. On the demand side, downstream enterprises such as solder and electronics manufacturers generally adopted a cautious procurement approach. Soaring tin prices severely dampened actual consumption and purchase willingness, leading to a market stalemate characterized by "price without market" and sluggish transactions. However, as tin prices recently retreated from highs, spot market transactions showed signs of recovery. Downstream enterprises began small-scale restocking and just-in-time procurement, and traders reported increased customer inquiries. Overall, after rapid surges and sharp corrections, market sentiment turned cautious with heightened price volatility. Tin prices are expected to hover at highs this week, but the inhibitory effect of high prices on downstream consumption persists, and the sustainability of market transactions remains to be seen. Investors are advised to closely monitor changes in spot market transactions, the procurement pace of downstream enterprises, and relevant domestic and overseas policy developments, while exercising caution in operations.

SMM Tin Morning Meeting Minutes for December 29, 2025 Market Outlook: On the macro front, the US government announced it will impose additional tariffs on Chinese chips in 2027 but decided to suspend the measure for at least 18 months, which is seen as the latest signal to stabilize China-US relations. Meanwhile, news that Nvidia plans to deliver AI chip H200 to Chinese clients also brings some uncertainty. These factors collectively influence market risk appetite. Domestically, the tin market overall shows a weak supply-demand pattern. Supply side, most smelters' production in December is expected to remain relatively stable. Demand side, demand continues to be significantly suppressed by high prices, with downstream enterprises such as solder manufacturers generally adopting a cautious procurement approach. Demand in traditional sectors like consumer electronics and home appliances remains sluggish. Although price fluctuations occasionally stimulate some enterprises to restock for rigid demand when prices are low, leading to sporadic recovery in night session transactions, the spot market turnover is mostly mediocre or even sluggish most of the time, exhibiting a characteristic of "nominal prices without actual transactions." Social inventory maintains a buildup trend. Overall, tin prices are expected to maintain a fluctuating trend under the combined influence of macro news disturbances and weak fundamentals. The suppressive effect of high prices on consumption persists. Investors are advised to closely monitor changes in spot market transactions and inventory accumulation, operate cautiously, and guard against the risk of prices retreating after a rapid rise.

December 29, 2025 SMM Tin Morning Brief: Futures: The most-traded SHFE tin contract (SN2602) fluctuated upward during the night session, rising after opening and climbing to 349,900 yuan/mt before pulling back slightly to close at 346,280 yuan/mt, up 2.46% from the previous trading day. Macro: (1) The inaugural meeting of the Humanoid Robot and Embodied AI Standardization Technical Committee of the Ministry of Industry and Information Technology was held in Beijing. Establishing this committee is an important measure to implement the decisions of the CPC Central Committee and the State Council, leverage the guiding role of standards, enhance the supply of high-quality standards, and promote the maturation and application of humanoid robot and embodied AI technologies. The committee is primarily responsible for developing and revising industry standards in areas such as basic commonalities, key technologies, components, complete machines and systems, applications, and safety for humanoid robots and embodied AI, with its secretariat based at the China Institute of Electronics. (2) According to the Chongqing Municipal Commission of Commerce, to implement relevant national ministry requirements, solidly complete the final stages of the 2025 vehicle replacement program, and further release automotive consumption potential, Chongqing added 160 million yuan in vehicle replacement subsidy funds. Combined with the previously announced 25 million yuan, the total subsidy application amount reached 185 million yuan, with the application channel officially opening at 11:00 on December 27. It is understood that the subsidy application continues to follow the implementation principle of "total amount control, first come first served, until funds are exhausted," with the effective application period from 11:00 on December 27, 2025, to 24:00 on January 10, 2026. If the 185 million yuan subsidy quota is fully applied for earlier, the application channel will close simultaneously. Fundamentals: (1) Supply side: Most smelters' production is expected to remain relatively stable in December. (2) Demand side: Downstream purchasing is relatively cautious, with high prices significantly suppressing actual consumption. Spot market: Last week (December 22 to December 25), domestic tin prices showed a roller-coaster trend, rising first then falling. Early in the week, tin prices climbed to a three-and-a-half-year high of 349,200 yuan/mt. Later in the week, the market changed abruptly, with tin prices pulling back sharply to 332,250 yuan/mt by December 25, a single-day plunge of 6,000 yuan. This decline was mainly influenced by sluggish trading due to the Christmas holiday in overseas markets, some bulls choosing to take profits, and an accumulation of LME tin inventory alleviating short-term supply concerns. In the spot market, high tin prices severely suppressed downstream purchase willingness, leading to a stalemate of "price without market." Downstream enterprises, such as those in solder and electronics manufacturing, generally adopted a cautious strategy of purchasing as needed, resulting in very sluggish transactions. [Data Source Statement: Data other than publicly available information is processed by SMM based on public information, market communication, and SMM's internal database model, and is for reference only, not constituting decision-making advice. The information provided is for reference only. This article does not constitute direct investment research or decision-making advice. Clients should exercise caution in decision-making and not use it to replace independent judgment. Any decisions made by clients are unrelated to Shanghai Metals Market.]

On December 25, 2025, the most-traded SHFE tin contract 2602 opened lower in the morning session and remained under pressure, ultimately closing at 335,880 yuan/mt, down 4,000 yuan from the previous day, a decline of 1.18%. Futures experienced sharp fluctuations during the day, hitting a high of 341,200 yuan/mt and a low of 328,270 yuan/mt. Trading volume was 298,226 lots, while open interest decreased by 2,797 lots to 53,243 lots, indicating that some bulls chose to exit. Overseas, although the LME was closed for the Christmas holiday, LME tin fell 0.81% overnight to $42,490/mt, and the inventory rebound further eased supply concerns. In terms of driving factors, today's decline in tin prices was mainly due to the combined impact of three pressures. First, macro front liquidity tightened as the Christmas holiday led to sluggish overseas trading; the suspension of Hong Kong stock market trading halted northbound capital flows, leaving the domestic market without external guidance. Year-end institutional position adjustments and profit-taking intentions intensified, with funds shifting from previously high-gaining varieties to defensive sectors. Second, demand side remained persistently weak, with orders in the traditional consumer electronics sector sluggish; solder enterprises only purchased as needed, and high prices significantly dampened restocking willingness. Incremental demand from emerging sectors like PV and AI servers was not enough to offset the decline in traditional areas. Third, industrial policy guidance prompted a rational return; the China Nonferrous Metals Industry Association (CNIA), together with the solder branch, recently called for resisting speculative behavior, as high prices had triggered negative feedback from downstream enterprises, who were "afraid to accept orders." Short-term outlook: the daily candlestick of the most-traded SHFE tin contract formed a large bearish candle, breaking below the key support level of 335,000 yuan/mt. The next support level is expected around 325,000 yuan/mt, and the short-term trend may continue with a resistant decline. The most-traded SHFE tin contract is expected to fluctuate within a narrowed range of 330,000-340,000 yuan/mt. Going forward, close attention should be paid to the progress of production resumptions in Myanmar and whether downstream stockpiling demand before the Chinese New Year can trigger a staged rebound.

SMM Tin Morning Brief on December 25, 2025: Futures: The most-traded SHFE tin contract (SN2602) fluctuated downward during the night session, once falling below the 330,000 yuan mark. After a slight rebound towards the close, it settled at 332,520 yuan/mt, down 2.17% from the previous trading day. Macro: (1) The US government announced on the 23rd that it will impose additional tariffs on Chinese chips in 2027, concluding the trade investigation into Chinese chips initiated by the previous Biden administration. US media analysis suggests that, although the US government claims China's practices in the chip industry "harm US interests," the final decision is to refrain from imposing additional tariffs on Chinese chips for at least 18 months. Bloomberg reported that the postponement of new tariffs is the latest signal that the US government is seeking to consolidate the US-China "truce" agreement and stabilize bilateral relations. (2) Data from the Passenger Car Association shows that from December 1 to 21, retail sales of new energy passenger vehicles in China reached 788,000 units, up 1% YoY and 3% MoM, with a penetration rate of 60.6%. Cumulative retail sales since the beginning of the year reached 12.26 million units, up 18% YoY. Wholesale sales of new energy vehicles by manufacturers from December 1 to 21 were 782,000 units, down 10% YoY and 12% MoM, with a penetration rate of 60.1%. Cumulative wholesale sales since the beginning of the year totaled 14.538 million units, up 25% YoY. Fundamentals: (1) Supply side: Most smelters are expected to maintain relatively stable production in December. (2) Demand side: Downstream procurement remains cautious, with high prices significantly suppressing actual consumption. Spot Market: Spot market transactions remained mediocre yesterday. Most traders reported that daily transactions were mostly in the range of 10-20 mt. However, trading was relatively active during the night session, as the price decline stimulated procurement interest among downstream enterprises. [Data Source Statement: Except for publicly available information, other data are processed by SMM based on public information, market communication, and SMM's internal database model, for reference only and do not constitute decision-making advice. The information provided is for reference only. This article does not constitute direct investment research or decision-making advice. Clients should make decisions cautiously and not use this information to replace their independent judgment. Any decisions made by clients are unrelated to Shanghai Metals Market.]

December 23, 2025 SMM Tin Morning Brief: Futures: The most-traded SHFE tin contract (SN2601) maintained a fluctuating rangebound trend during the night session, trading around the 340,000-yuan mark, and closed at 339,850 yuan/mt, down 0.64% from the previous trading day. Macro: (1) Nvidia collaborated with South Korea's SK Hynix to develop a new-type AI solid-state drive, with Taiwan's Phison Electronics also participating in the development. The performance of AI-specific solid-state drives is expected to be 10 times higher than that of SSDs currently installed in AI servers. Phison Electronics stated that the adoption of NAND flash memory in AI servers is a clear and absolute trend. (2) It is understood that the heads of Wingtech Technology and Nexperia Netherlands held their first round of negotiations last week, explaining and clarifying issues of mutual concern, and agreed to maintain communication. China called on the relevant enterprises to negotiate on issues of control and restoring the supply chain, and to effectively restore the global semiconductor production and supply chain. We reiterate that the root cause of the Nexperia issue lies in the inappropriate administrative intervention by the Dutch government in business operations. As an old Chinese saying goes, "It is better for the doer to undo what he has done." To completely eliminate the concerns of global related enterprises about chip shortages, the Dutch government should immediately revoke the administrative order, promote the withdrawal of the lawsuit by former executives of Nexperia Netherlands from the enterprise court, create favorable conditions for corporate negotiations, resume chip supply to Chinese and foreign automakers in China as soon as possible, and fulfill the Netherlands' due obligations to restore the security and stability of the global semiconductor production and supply chain. Fundamentals: (1) Supply side: Most smelters are expected to maintain relatively stable production in December. (2) Demand side: Downstream procurement remains cautious, with high prices significantly suppressing actual consumption. Spot market: Trading in the spot market remained relatively mediocre yesterday. A slight intraday decline stimulated some restocking or just-in-time procurement by downstream and end-user enterprises to a certain extent, but the overall absolute price still kept most downstream and end-user enterprises in a wait-and-see mode. [Data Source Statement: Except for public information, other data are processed by SMM based on public information, market communication, and SMM's internal database model, and are for reference only, not constituting decision-making advice. The information provided is for reference only. This article does not constitute direct investment research or decision-making advice. Clients should make decisions cautiously and not use this to replace their own independent judgment. Any decisions made by clients are unrelated to SMM.]

SMM Tin Morning Brief on December 22, 2025: Futures: The most-traded SHFE tin contract (SN2601) opened slightly higher during the night session, fluctuated, and pulled back after breaking through the 340,000 mark, closing at 340,100 yuan/mt, up 0.37% from the previous trading day. Macro: (1) According to the China Securities Regulatory Commission website, Xinhe Semiconductor Technology Co., Ltd. and its sponsoring broker CITIC Securities submitted a completion report of the counseling work to the Shanghai Securities Regulatory Bureau. After counseling, CITIC Securities believes that the counseled object has established the corporate governance structure, accounting foundation, and internal control system required for a publicly listed firm, and fully understands the characteristics and attributes of various tiers in the multi-level capital market; the counseled object and its directors, senior managers, shareholders holding more than 5% of shares, and actual controllers have comprehensively mastered laws, regulations, and rules related to issuance, listing, and standardized operations, are aware of their responsibilities and obligations regarding information disclosure and fulfillment of commitments, and have developed a sense of integrity, self-discipline, and rule of law for entering the securities market. (2) It was learned from Shanghai Jiao Tong University that the university's researchers recently made a breakthrough in the field of next-generation optical computing chips, achieving for the first time an all-optical computing chip that supports large-scale semantic media generation models. The related results were published in the journal Science on December 19. "So-called optical computing can be understood as allowing light to propagate within the chip instead of electrons running in transistors, using changes in the optical field to complete computations. Light inherently possesses advantages of high speed and parallelism, thus regarded as an important direction to break through the bottlenecks of computing power and energy consumption," said Chen Yitong, the paper's author and assistant professor at the School of Integrated Circuits of Shanghai Jiao Tong University, adding that applying optical computing to generative AI is not straightforward, as existing all-optical computing chips are mainly limited to small-scale classification tasks, and optoelectronic cascading or multiplexing would severely weaken the speed of optical computing. Enabling next-generation optical computing chips to run complex generative models is a globally recognized challenge in the field of intelligent computing. Fundamentals: (1) Supply side: Most smelters are expected to maintain relatively stable production in December. (2) Demand side: Downstream procurement remains cautious, with high prices significantly suppressing actual consumption. Spot market: High prices significantly suppress demand: Demand in traditional sectors such as consumer electronics and home appliances continues to be weak. Despite significant price fluctuations, trading activity in the spot market remains relatively sluggish, characterized by "price without market." Faced with high tin prices, the purchase willingness of downstream enterprises is generally suppressed. Apart from necessary rigid demand, most companies choose to adopt a wait-and-see attitude, with few actual procurement activities. Even when prices fall and trading recovers somewhat, overall social inventory continues to show a buildup trend. [Data Source Statement: Data other than publicly available information is processed by SMM based on public information, market communication, and SMM's internal database model, and is for reference only, not constituting decision-making advice. The information provided is for reference only. This article does not constitute direct investment research or decision-making advice. Clients should exercise caution in decision-making and not use it to replace independent judgment. Any decisions made by clients are unrelated to Shanghai Metals Market.]