SHANGHAI, May 19 (SMM) – On Wednesday’s night trading, SHFE 1609 tin rose to RMB 107,000/mt after opening at RMB 106,120/mt, and ended at RMB 106,760/mt.
On Thursday, SHFE 1609 tin moved around RMB 106,700/mt after starting at RMB 106,490/mt. Finally, the most active contract ended up RMB 150/mt or 0.14% from previous trading day at RMB 106,730/mt. Trading volumes were down 1,758 lots to 22,608 lots, and positions were up 164 to 12,632. Minutes of the US Fed’s April meeting showed most Fed officials considered it appropriate to raise interest rate in June. This pushed the US dollar index up to a 3-week high. A strong dollar and release of deliverable goods will put downward pressure on SHFE tin. SHFE 1609 tin will look for support at RMB 104,000/mt.