SHANGHAI, Apr. (SMM) – SHFE 1507 tin opened at RMB 118,020/mt on Wednesday. The most active contract rose to RMB 118,880/mt early in the day before falling back to RMB 118,420/mt. Positions fell to 1,100 near lunchtime as bears exited, but increased in the afternoon due to entry of longs, pushing prices back up to close the day RMB 120/mt higher at RMB 117,910/mt. Trading volumes were down 148 lots to 4,374 lots, with positions up 96 to 1,272.

 

LME tin dropped to its lowest since June 2010, dampening investor sentiment. China’s official manufacturing PMI rose to 50.1 in March, beating expectations for 49.7. However, HSBC’s China manufacturing PMI for March hit three-month low of 49.6. In this context, SHFE 1507 tin contract is expected to test support at RMB 116,000/mt and meet resistance at RMB 119,000/mt during today’s night session.