SHANGHAI, Jun. 12 (SMM) –A slump in LME tin caused SHFE 1507 tin contract to open lower at RMB 114,420/mt during Thursday’s night session. The contract touched a session low of RMB 113,710/mt due to exit of longs, and ended the night session down RMB 550/mt or 0.5% at RMB 113,870/mt.
On Friday, SHFE 1507 tin contract made a brief foray into RMB 114,510/mt after opening at RMB 114,370/mt. The contract fell back to RMB 113,520/mt later in the day before closing RMB 1,720/mt or 1.49% lower at RMB 113,700/mt. Trading volumes were up 2,138 lots to 3,152 lots, and positions were down 896 lots to 4,014 lots. It’s worth noting that trading volumes of SHFE 1509 tin contract were up 372 lots to 562 lots, and its positions were up 270 lots to 734 lots.
There is still room for LME tin to fall, so SHFE tin might follow LME tin down to test support at RMB 112,500/mt.