SHANGHAI, May 18 (SMM) – On Tuesday’s night trading, SHFE 1609 tin opened at RMB 107,900/mt, and closed at RMB 108,220/mt.
On Wednesday, massive short selling sent SHFE 1609 tin down to RMB 106,540/mt after starting at RMB 108,180/mt. Finally, the most active contract ended down RMB 1,640/mt or 1.52% at RMB 106,580/mt. Trading volumes were up 864 lots to 24,366 lots, and positions were up 882 to 12,468. US CPI rose more than expected, triggering fear that the US Fed will speed up rate hike process. Chinese regulators kept announcing curb measures, sparking risk aversion. These negative factors sent Chinese stock market down, souring market sentiment. SHFE 1609 tin will look for support at RMB 106,500/mt or RMB 103,600/mt.