"Doctor Copper" Strong Influence, Tin and Nickel End-of-Day Declines Narrow [Institutional Commentary]

[FUTURES MARKET] SHFE tin moved downwards after a lower opening during the night session, rebounded and fluctuated after the day's opening, and slightly strengthened at the close. The most-traded April contract closed at 280,360, down 0.36%. Total trading volume was basically flat compared to the previous session, while total open interest continued to decline. SHFE nickel opened higher but moved downwards, hitting a new intraday low shortly after the morning opening, and rebounded slightly in the afternoon. The most-traded May contract closed at 129,670, down 0.55%, with total trading volume increasing and total open interest decreasing by more than 20,000 lots.

[ANALYSIS] Today, the strong performance of "Dr. Copper" supported other non-ferrous metals, including minor metals tin and nickel. After the frenzy of tin last Friday, it has been adjusting for four consecutive trading days this week, but maintained high volatility during the day, and the medium-term trend has not changed. It is recommended to wait for short-term stabilization signals. Nickel, after experiencing a valuation-recovery rebound last week, entered an adjustment phase this week, and may fluctuate around 130,000 in the short term.

[VALUATION] Tin: moderately high; Nickel: moderately low

[RISKS] Macro policies below expectations

(Source: China Fortune Futures)