SHANGHAI, Nov. 1 (SMM) – On Monday’s night trading, SHFE 1701 tin moved mainly between RMB 134,800-136,000/mt, and ended at RMB 135,350/mt.
On Tuesday, SHFE 1701 tin opened at RMB 135,360/mt. China’s official and Caixin manufacturing PMIs both rose in October, pushing the most active contract up, but prices failed to break through RMB 136,000/mt. In the afternoon, prices jumped to RMB 138,140/mt on long buying, and finally ended up RMB 2,240/mt or 1.65% from previous trading day at RMB 137,600/mt. Trading volumes were up 9,658 lots to 27,244 lots and positions were up 654 to 19,692.
China’s official and Caixin manufacturing PMIs were both at 51.2 in October, well beating forecast. SHFE 1701 tin might face technical downward corrections and test support at RMB 135,000/mt.