SHANGHAI, Nov. 15 (SMM) – On Monday’s night trading, SHFE 1701 tin moved around RMB 145,400/mt, and ended at RMB 145,670/mt.
On Tuesday, SHFE 1701 tin experienced a roller coaster ride, rising to RMB 152,500/mt in the morning before falling back to RMB 142,500/mt in the afternoon due to profit taking by longs. Finally, the most active contract ended down RMB 4,840/mt or 3.25% from previous trading day at RMB 143,950/mt. The decline was caused by plunging ferrous metals prices. SHFE 1701 tin has fallen below the 5 and 10-day moving averages, and will test support at RMB 140,000/mt.