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SHFE 1609 Tin Tumbles on Market Panic (2016-5-23)
May 23, 2016 18:13Source:SMM
On last Friday’s night trading, SHFE 1609 tin fell to RMB 105,750/mt on short selling after opening at RMB 108,190/mt, and ended at RMB 106,580/mt.
SHANGHAI, May 23 (SMM) – On last Friday’s night trading, SHFE 1609 tin fell to RMB 105,750/mt on short selling after opening at RMB 108,190/mt, and ended at RMB 106,580/mt.
On Monday, SHFE 1609 tin moved between RMB 105,580-106,570/mt after starting at RMB 106,350/mt. Finally, the most active contract ended down RMB 1,220/mt or 1.14% from previous trading day at RMB 105,930/mt. Trading volumes were up 8,520 lots to 23,870 lots, and positions were up 110 to 12,360. Ferrous metals prices tumbled across the board, triggering market panic. SHFE 1609 tin should test support at RMB 104,000/mt.
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