Macro Sentiment Weakens, Tin and Nickel Decline in Afternoon [Institutional Commentary]

[FUTURES MARKET] Nickel fluctuated during the night session and pulled back during the day, with the most-traded May contract closing at 129,190, down 0.86%. Total trading volume decreased, and total open interest fell by more than 3,000 lots. Tin oscillated and rebounded during the night session, hitting an intraday high in the morning, but plunged in the afternoon, with intraday volatility approaching 10,000 points. The most-traded April contract closed at 276,150, down 1.02%, with total trading volume slightly increasing and total open interest decreasing by over 2,000 lots.

[ANALYSIS] Last night's news reported that rebel forces in DRC had seized a tin mining area, triggering another rebound in tin prices. During today's daytime session, the market was influenced by weaker macro sentiment, and falling copper prices also put pressure on the overall non-ferrous metals sector. Following last Friday's frenzy, tin has seen five consecutive days of adjustment, with high intraday volatility. It is recommended to wait for short-term stabilization signals. Nickel, after experiencing a valuation recovery rally last week, has entered a period of adjustment this week, and may fluctuate around 130,000 in the near term.

[VALUATION] Tin: Moderately High; Nickel: Moderately Low

[RISKS] Macroeconomic policies below expectations

(Source: China Fortune Futures)