Tin and Nickel Rose in the Night Session, Pulled Back in the Day Session [Institutional Commentary]

【Futures Market】In the night session, tin opened higher and continued to rise, with the most-traded contract quickly breaking through the 280,000 mark. During the day session, it experienced a volatile adjustment, closing at 278,140 in May, up 1.29%, with both total trading volume and open interest increasing. The trading rhythm of nickel was similar to that of tin, with the most-traded May contract closing at 129,670, up 0.54%, and both total trading volume and open interest increasing.

【Analysis】Today, tin and nickel rebounded with increased volume and open interest, but during the day session, they pulled back from the intraday strong zone. The afternoon jump and subsequent pullback of copper also had a negative impact on tin and nickel. The medium-term upward trend of tin remains unchanged, though short-term fluctuations may still occur. Nickel, with its overall low valuation, has strong technical support despite its average fundamentals.

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

【Risk】Macro policies fall short of expectations.

(Source: China Fortune Futures)