SHANGHAI, Nov. 8 (SMM) – On Monday’s night trading, SHFE 1701 tin shot up to above RMB 150,000/mt before falling back to RMB 148,000/mt due to profit taking by longs, and finally ended at RMB 150,700/mt.
On Tuesday, SHFE 1701 tin opened at RMB 150,560/mt, and rose further to RMB 154,970/mt. But, prices fell back to RMB 148,400/mt after news that trading fees and margins for certain products would be hiked. Finally, the most active contract ended up RMB 2,840/mt or 1.93% from previous trading day at RMB 150,240/mt. Trading volumes were up 25,230 lots to 61,552 lots, and positions were down 1,362 lots to 19,942 lots. SHFE 1701 tin will test support at RMB 143,000/mt.