SHANGHAI, Aug. 12 (SMM) – SHFE 1509 tin started Tuesday evening session at RMB 108,100/mt and then fell with longs exiting market. But when the price was around RMB 107,000/mt, more investors entered market, driving SHFE tin price up. However, the contract dropped to RMB 107,520/mt later due to growing shorts and finally ended at RMB 107,880/mt.
SHFE tin opened at RMB 107,880/mt for day trading Wednesday and narrowly moved between RMB107,300-107,900/mt, to close at RMB 108,400/mt, down by RMB 90/mt or 0.08%. Trading volumes dropped 96 to 1,104 lots with positions up 30 to 1,536.
Recently, markets pay much attention to the devaluation of Chinese yuan. SHFE tin is predicted to find support at RMB 106,300/mt.