SHANGHAI, Jun. 30 (SMM) –SHFE 1509 tin contract opened lower at RMB 110,170/mt during Monday’s night session, as imminent Greece default caused LME tin to lose 3.46%. SHFE 1509 tin ended the night session down RMB 2,440/mt or 2.18% at RMB 109,439/mt.
On Tuesday, SHFE 1509 tin contract hit its daily downside limit shortly after opening due to entry of shorts, but then rebounded to RMB 109,170/mt as longs entered. Finally, the contract ended down RMB 3,790/mt or 3.40% at RMB 107,530/mt. Trading volumes were up 1,282 lots to 2,832 lots, and positions were up 538 lots to 2,534 lots. SHFE 1509 tin contract is expected to test support at RMB 100,000/mt tonight.