The earthquake in Myanmar caused abnormal fluctuations in tin prices in the afternoon, while nickel and stainless steel prices rose in tandem. [Institutional Commentary]

【Futures Market】During the night session, SHFE tin experienced a volatile rebound, adjusted during the day session, but saw a rapid surge in the afternoon, pulling back at the close. The most-traded May contract closed at 282,290, up 0.81%, with increased trading volume and a slight decrease in total open interest. SHFE nickel fluctuated during the night session, rebounded during the day session, and remained strong at the close. The most-traded May contract closed at 131,600, up 1.01%, with increased total trading volume and a slight decrease in total open interest. Stainless steel moved in tandem with nickel, with the most-traded May contract closing at 13,535, up 0.93%, and both total trading volume and open interest increased.

【Analysis】An earthquake in Myanmar this afternoon caused a significant surge in tin prices during the session, but prices pulled back at the close, and open interest did not increase, indicating more speculative factors in the market, which should be viewed rationally. Nickel returned above the 130,000 mark, driving the rise in stainless steel. Later, attention should be paid to the linkage between nickel and stainless steel.

【Valuation】Tin is neutral to slightly high, nickel is neutral to slightly low.

【Risk】Macro policies fall short of expectations.

(Source: China Fortune Futures)