SHANGHAI, Nov. 9 (SMM) – Eyes should be on US presidential election on Wednesday. Risk appetite will keep dominating market even if Hillary wins the election. US dollar index is expected to drop, because the news of US interest rate hike in December was already digested. LME tin is expected to test support at moving averages on Wednesday. SHFE 1701 tin dropped from highs again on Tuesday’s night trading with resistance, mirroring that market turned to be wary, and the contract will range between RMB 148,000-151,000/mt on Wednesday, waiting for direction from LME tin.
In China’s domestic market, markets all eye impact on futures prices from US presidential election. Spot tin tended to fall on Tuesday’s afternoon trading and should trade between RMB 149,000-151,000/mt on Wednesday.