At the close of early trading, the main domestic futures contracts were mixed. Shanghai tin rose by more than 4%, Shanghai nickel by more than 3%, manganese silicon by more than 2%, Shanghai copper, soda ash and international copper by more than 1%. In terms of decline, fuel oil fell by more than 3%, low-sulfur fuel oil (LU), SC crude oil and Shanghai silver fell by more than 2%, and urea and Douer fell by more than 1%.
LME tin inventory is still low.
Transaction logic: LME tin inventory is still low; WA tin mine resumption time is still not clear; forced position risk still exists, a trader recently strengthenedCtrps1"control" of the LME tin market, the entity currently holds at least 40 per cent of the LME tin long position for delivery in May; is currently in the peak consumption season; and the operating rate of refining tin enterprises in Yunnan and Jiangxi has declined.
Risk factors: the Federal Reserve Chairman's recent speech is hawkish, the market may raise overall interest rate expectations; domestic tin inventory continues to accumulate
Focus on events: the trend of Fed monetary policy; changes in geo-situation; changes in internal and external tin inventory; operating rate of downstream enterprises, etc.
Nickel hit a multi-month high, depressed by supply concerns
Nickel prices reportedly climbed to a multi-month high on Monday, buoyed by concerns about tight supply, while bullish sentiment in base metals also supported nickel prices. Lunni rose by 1.Ctrps1.16 per cent to $19550 a tonne, hitting a seven-month high, up 8.6 per cent the week before, while Shanghai nickel rose more than 6 per cent to 147660 yuan a tonne, the highest level since October last year. News frequently disturbed, according to Guotai Junan Futures Review, the recent market nickel iron storage rumors revived, nickel iron supply and demand margin tightened. The ban on imports of metals from Russia by the US and the UK has also raised concerns about global supply disruptions.
