SHANGHAI, Nov. 11 (SMM) – LME tin is expected to hover at highs on Friday with support at USD 21,300/mt and resistance at USD 21,800/mt. SHFE announced to raise trading margins for aluminum, lead, zinc and tin to 8% on Thursday. SHFE 1701 tin thus dropped on Thursday’s night trading but found support at the 5-day moving average. The contract will range between RMB 150,000-155,000/mt on Friday.
In China’s domestic market, spot tin lacks of rising strength as SHFE 1701 tin hovered at highs. Downstream buyers take a wait-and-see stance, resulting in sluggish trading. Spot tin is predicted to move between RMB 151,000-152,500/mt on Friday.