LME Tin to Meet Downward Pressure (2016-11-14)

SHANGHAI, Nov. 14 (SMM) – Attention should be on news about Trump in a short term. LME tin fell in a limited range last Friday and will test support at around the 5-day moving average. If LME tin fall below 5-day moving average, it will test support at USD 21,200/mt. SHFE 1701 tin dropped below the 10-day moving average during last Friday’s night session, down 5.36%, mainly hurt by exit of longs, resulted by diving SHFE 1701 copper. SHFE 1701 tin is expected to test support at around RMB 145,000/mt on Monday, if declined below it, the contract will test support at RMB 138,000-140,000/mt. SHFE 1701 tin will move between RMB 143,000-147,000/mt on Monday.

In China’s domestic market, bullish sentiment will reduce on Monday as SHFE 1701 tin plumped and suppliers will rush to sell goods. Hedging goods are expected to increase. Spot tin should trade between RMB 145,000-147,000/mt on Monday.