SHANGHAI, Nov. 10 (SMM) – On Wednesday’s night trading, SHFE 1701 tin increased briefly to RMB 155,210/mt and then dropped, hurt by positions closing by longs. The contract finally closed at RMB 150,780/mt.
On Thursday, SHFE 1701 tin opened at RMB 151,320/mt and then touched the previous highest level with strengthening of long momentum. But the contract later dropped to around RMB 152,000/mt after meeting resistance. During the afternoon trading, SHFE 1701 tin advanced to RMB 155,520/mt, thanks to positions opening by longs, but still could not break through it. The contract finally ended at RMB 153,700/mt, up RMB 3,810/mt or 2.54%. Trading volumes increased 15,582 to 75,396 lots and positions rose 1,336 to 21,372. Nonferrous metals outshined on Thursday. SHFE 1701 copper, SHFE 1701 aluminum, SHFE 1701 nickel and SHFE 1701 lead all climbed to their daily upward limits and SHFE 1701 tin was also firm.
SHFE 1701 tin will challenge RMB 155,000/mt on Thursday’s night trading.