SHANGHAI, Apr. 15 (SMM) – SHFE 1507 tin contract hovered around RMB 113,680/mt on Wednesday. The most active contract ended the day up RMB 1,550/mt at RMB 113,850/mt, due to exit of bears. Trading volumes decreased by 1,456 lots to 4,132 lots, while positions also decreased by 202 to 1,692. SHFE 1507 tin contract is expected to test support at RMB 112,000/mt during today’s night session.
China’s Q1 GDP growth slowed to 6-year low of 7% in Q1, igniting hopes for more stimulus from the central government. LME tin is skewing towards USD 16,000/mt mark, pressuring SHFE tin.