SHFE 1709 Tin Falls Back After Hitting High (2017-5-22)

SHANGHAI, May 22 (SMM) –SHFE 1709 tin broke through previous high of RMB 145,800/mt during last Friday’s night session on long buying, and ended at RMB 146,460/mt. 

On Monday, SHFE 1709 tin opened at RMB 146,450/mt, and jumped to RMB 147,660/mt. But, the most active contract then fell back to around RMB 145,000/mt as longs took profit, ending the day up RMB 910/mt or 0.63% at RMB 145,150/mt. Trading volumes were up 8,970 lots to 26,512 lots, and positions were up 602 lots to 17,480 lots. SHFE 1709 tin should challenge resistance at RMB 145,800/mt in the short term.