Tin Rises Strongly, Nickel Jumps Initially and Then Pulls Back [Institutional Commentary]

【Futures Market】SHFE tin fluctuated during the night session, bottomed out in the morning, fluctuated upward in the afternoon, and ended strong. The most-traded contract closed at 281,390, with slightly reduced trading volume, and total open interest increased by nearly 4,000 lots. SHFE nickel jumped initially during the night session, pulled back and fluctuated during the day session, with the most-traded May contract closing at 130,030, down 0.05%, total trading volume decreased, and total open interest slightly increased.

【Analysis】SHFE copper adjusted today, with limited impact on tin, making tin the strongest non-ferrous metal today. Futures prices have returned to the strong zone, and with the expansion of open interest, tin prices can continue to rise. Nickel has jumped initially and then pulled back for two consecutive days, showing strong resistance in the futures market, but the overall valuation of nickel is low. Although the fundamentals are average, the technical support below is also strong.

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

【Risk】Macro policies are lower than expected.

(Source: China Fortune Futures)