SHANGHAI, Mar. 30 (SMM) –Short selling sent SHFE 1605 tin down to RMB 105,520/mt during Tuesday’s night session. The most active contract is expected to test support at the 40-day moving average and move at RMB 106,000-109,000/mt on Wednesday.
LME tin will test support at the 20-day moving average, and head for USD 16,500/mt if it fails to hold onto the 20-day moving average.
In Shanghai spot tin market, buyers will go bargain hunting. Mainstream traded prices are expected at RMB 108,000-110,000/mt.