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SMM Daily Review - 2010/1/8 Tin Market
Jan 11,2010 09:59CST
smm insight
SHANGHAI, Jan. 11 (SMM) -- On Thursday night, LME tin prices declined and closed at USD 17,425/mt. On Friday, prices continued to move around 5-day moving average, with wider fluctuation in the USD 17,400-17,600/mt range. Technically, RSI continued to weaken substantially, and KDJ also indicated price decline. Close attention should be paid whether prices could get support at 5-day moving average or not.
In the Shanghai tin market, cargo-holders (including smelters and traders) were still optimistic towards future market outlook, and still kept offers around RMB 130,000/mt. However, market responded with sluggish transactions, and most purchasers adopted a wait-and-see attitude.
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