SHANGHAI, May 4 (SMM) – On Monday, SHFE 1507 tin contract jumped to RMB 119,520/mt as bulls entered. Finally, the contract closed up RMB 1,160/mt at RMB 118,800/mt. Trading volumes were down 8,958 lots to 8,824 lots, and positions were up 494 to 6,072. Prices are expected to challenge resistance at RMB 120,000/mt during today’s night session.
HSBC’s China manufacturing PMI fell to 48.9 in April, pointing to contraction for two months running. This is the lowest since April 2014. The decline was due mainly to sharp decline in new order sub-index. Negative PMI ignited hopes for more stimulus measures, boosting base metals.