SHFE 1609 Tin Ends Up RMB 380/mt (2016-5-17)

Price Review & Forecast 05:39:21PM May 17, 2016 Source:SMM

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. 




  


SHFE 1609 Tin Ends Up RMB 380/mt (2016-5-17)

Price Review & Forecast 05:39:21PM May 17, 2016 Source:SMM

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.