The report released by the US Commodity Futures Trading Commission (CFTC) showed that as of the week ending April 1, the net long positions in COMEX copper futures held by funds pulled back to 30,025 contracts. Previously, the market sentiment was optimistic, and COMEX copper continuously hit new historical highs. However, with the recent escalation of tariff disputes, the market trading logic shifted to concerns about economic expectations, and market sentiment took a sharp downturn. The confidence of fund bulls pulled back. In the week ending April 1, fund long positions significantly declined to 94,101 contracts, while short positions also pulled back to 64,076 contracts. The total open interest ended its three-week increase, dropping to 245,181 contracts. The chart below shows the performance of COMEX copper fund net positions and futures market since 2020: The following is the data on changes in COMEX copper fund net positions since December 2024, as published by the CFTC:

[Net Short Positions of the Top 20 SHFE Nickel Futures Traders Increased] On March 17, the top 20 futures companies in SHFE nickel (total across all contract months) held 138,400 long positions and 151,400 short positions, with a long-short ratio of 0.91. Net positions stood at -13,000 lots, a decrease of 606 lots compared to the previous day.

[Net Short Positions of the Top 20 SHFE Nickel Futures Companies Decline] On March 13, the top 20 futures companies held 130,100 long positions and 137,100 short positions in SHFE nickel, with a long-short ratio of 0.95. The net positions stood at -6,983 contracts, down by 4,492 contracts compared to the previous day.

[Net Short Positions of the Top 20 SHFE Nickel Futures Firms Declined] On March 12, the top 20 SHFE nickel futures firms held 130,200 long positions and 132,700 short positions, with a long-short ratio of 0.98. Net positions stood at -2,491 lots, an increase of 4,366 lots compared to the previous day.

[Net Short Positions of the Top 20 SHFE Nickel Futures Traders on March 10] On March 10, the top 20 futures companies held 126,200 long positions and 130,200 short positions in SHFE nickel, with a long-short ratio of 0.97. Net positions stood at -4,044 lots, an increase of 3,812 lots compared to the previous day.

[Net Short Positions of the Top 20 SHFE Nickel Futures Firms on March 7] On March 7, the top 20 futures firms in SHFE nickel (total across all contract months) held 112,500 long positions and 120,400 short positions, with a long-short ratio of 0.93. Net positions stood at -7,856 lots, a decrease of 2,949 lots compared to the previous day.

[SMM Commentary: Market Expectations for Wa State's Resumption of Production Weigh on Tin Prices; SHFE Tin Plunges, Testing the 250,000 Yuan Mark] On February 26, the Wa State Industrial and Mineral Management Bureau issued the "Procedures for Handling Mining, Beneficiation Plant, and Exploration Licenses." Most market participants interpreted this announcement as a signal that tin ore production in the Mansan mining area of Wa State is expected to resume, which has weighed on tin prices. Following a decline in the night session, both LME and SHFE tin extended their weakness on February 27. As of 15:03 on February 27, SHFE tin was priced at 254,010 yuan/mt, down 3.69%, while LME tin stood at $31,925/mt, down 1.48%.

[Net Short Positions Dynamics of the Top 20 SHFE Nickel Futures Companies] On February 26, the top 20 futures companies held 99,200 long positions and 114,500 short positions in SHFE nickel, with a long-short ratio of 0.87. The net positions stood at -15,200 lots, an increase of 5,568 lots compared to the previous day.

[Net Short Positions of the Top 20 SHFE Nickel Futures Firms Increased] On February 25, the top 20 futures firms in SHFE nickel (total across all contract months) held 102,300 long positions and 123,100 short positions, with a long-short ratio of 0.83. The net positions stood at -20,800 lots, a decrease of 4,575 lots compared to the previous day.

[Net Short Positions of the Top 20 SHFE Nickel Futures Companies Declined] On February 20, the top 20 futures companies (total across all contract months) held 109,600 long positions and 123,100 short positions in SHFE nickel, with a long-short ratio of 0.89. Net positions stood at -13,600 lots, an increase of 5,395 lots compared to the previous day.