SHANGHAI, May 25 (SMM) – On Tuesday’s night trading, short selling sent SHFE 1609 tin down to RMB 104,790/mt after opening at RMB 106,000/mt. But the contract then rallied to close at RMB 105,330/mt as some shorts closed positions at lows.
On Wednesday, SHFE 1609 tin started at RMB 105,230/mt, and ended the day down RMB 820/mt or 0.78% from previous trading day at RMB 104,690/mt. Trading volumes were down 4,002 lots to 15,432 lots, and positions were up 362 to 12,476. Ferrous metals prices continued leading declines in commodity market, dampening market sentiment. SHFE 1609 tin should test support at RMB 104,000/mt in the near term.