LME Tin to Trade down (2016-11-17)

SHANGHAI, Nov. 17 (SMM) – Attention should be on US Federal Reserve Chair Yellen’s speech on Economic Hearing on Thursday, looking for clues on interest rate hike in December’s meeting. LME tin will test support at the 60-day moving average on Thursday. If LME tin drops below the 60-day moving average, it will test USD 19,400/mt. SHFE 1701 tin kept falling below the 20-day moving average on Wednesday’s night trading and will test support at the 20-day moving average for the short term. If SHFE 1701 tin falls below the 20-day moving average, it will decline to around RMB 135,000/mt. SHFE 1701 tin is expected to move at RMB 140,000-143,000/mt on Thursday.

In China’s domestic market, spot tin dropped as SHFE 1701 tin plumped and should trade at RMB 142,000-145,000/mt on Thursday.