Tin and Nickel Continued to Reduce Positions and Adjust, with Losses Narrowing in the Afternoon [Institutional Commentary]

【Futures Market】The night session saw tin futures fluctuate downward, with the losses narrowing in the afternoon session. The most-traded SHFE tin April contract closed at 274,870, down 0.46%. The total trading volume was basically flat compared to the previous session, while the total open interest slightly decreased. The April contract rolled over to the forward month. Nickel's trading rhythm was similar to tin's, with the most-traded SHFE nickel May contract closing at 129,220, down 0.20%. Both the total trading volume and open interest slightly decreased.

【Analysis】The most-traded SHFE tin April contract is in the process of contract rollover, with attention on the increase in open interest in the forward month. Currently, the overall environment is one of decreasing open interest, making it difficult for futures prices to gain upward momentum. Nickel's overall valuation is relatively low. Although the previous rebound was thwarted, the support below is also strong.

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

【Risk】Macro policies fall short of expectations.

(Source: China Fortune Futures)