During Friday's night session, global risk assets generally pulled back due to escalating trade tensions, with SHFE tin and SHFE nickel falling sharply. At the start of today's daytime session, they remained in the doldrums, with SHFE tin down over 2% and SHFE nickel down 1.76%.
On the fundamentals, the medium and long-term supply surplus in the nickel market persisted, but firm ore prices provided some cost support. Tin ore supply remained tight, with slow production resumptions at the Wa State tin mine in Myanmar, making it difficult to achieve scaled production in the short term. However, overall consumption demand was relatively weak, limiting fundamental drivers.
(Wenhua Composite)
