SHANGHAI, May 17 (SMM) – On Monday’s night trading, long buying pushed SHFE 1609 tin up to RMB 109,000/mt after opening at RMB 107,870/mt. But the contract then fell back to around RMB 108,300/mt as longs took profit at highs.
On Tuesday, SHFE 1609 tin moved between RMB 108,000-108,350/mt in morning trading after starting at RMB 108,390/mt. Entry of shorts sent prices down to RMB 106,910/mt. But the contract then rallied to end up RMB 380/mt or 0.35% at RMB 108,220/mt. Trading volumes were up 1,288 lots to 23,502 lots, and positions were down 250 to 11,586. Technical indicators suggest SHFE 1609 tin will lack sustainable upward momentum.