SHANGHAI, Jul. 9 (SMM) –On Wednesday night, SHFE 1509 tin contract opened at RMB 104,670/mt, and rose to RMB 107,950/mt on short-covering. The contract ended the night session up RMB 1,830/mt or 1.76% at RMB 106,030/mt.
On Thursday, commodity market staged a strong rally, allowing base metals to rise sharply as well. SHFE 1509 tin contract jumped to RMB 110,020/mt as shorts exited. The contract, though paring some gains later, still ended the day up RMB 4,090/mt or 3.94% at RMB 107,800/mt. With the delivery date of SHFE 1507 tin contract nearing, the spread between spot prices and SHFE tin prices remains wide. SHFE tin is expected to continue rising and challenge resistance at RMB 110,000/mt.