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LME Tin to Remain Downward Momentum (2016-11-15)
Nov 15, 2016 09:57Source:SMM
LME tin will test support at USD 20,700/mt on Tuesday and SHFE 1701 tin will move between RMB 144,000-147,000/mt.
SHANGHAI, Nov. 15 (SMM) – Eyes should be on Europe and US economic figures on Tuesday. LME tin will test support at USD 20,700/mt on Tuesday. If LME tin falls below USD 20,700/mt, it will test support at USD 20,200/mt after overbuying previously. The contract is expected to fluctuate for the short term, weighed by firm US dollar index. SHFE 1701 tin ranged at around the 10-day moving average on Monday’s night trading, hurt by diving LME tin, and will move between RMB 144,000-147,000/mt on Tuesday.
In China’s domestic market, buyers purchased at low prices. Spot tin should trade at RMB 145,500-147,500/mt on Tuesday with falling SHFE 1701 tin.
SHFE tin
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