SHANGHAI, Nov. 10 (SMM) – US dollar index rallied on Wednesday’s night trading, weighing down base metals. LME tin is expected to test the 5-day moving average on Thursday, and if drops below it, the contract will find support at USD 21,000/mt. SHFE 1701 tin dropped from highs on Wednesday’s night trading and will hover between RMB 148,000-152,000/mt on Thursday.
In China’s domestic market, SHFE 1701 tin meet resistance and downstream buyers take a wait-and-see stance, hurting spot tin. Price resistance to move higher on the SHFE tin and downstream wait-and-see stance will weigh down spot tin. Spot tin should trade at RMB 148,500-150,500/mt on Thursday.