SHANGHAI, Nov. 18 (SMM) – On Thursday’s night trading, SHFE 1701 tin rebounded slightly and ended at RMB 143,250/mt.
On Friday, short selling caused SHFE 1701 tin to fall to RMB 139,070/mt shortly after opening at RMB 143,480/mt. The most active contract then regained some lost ground thanks to short covering, ending down RMB 2,120/mt or 1.49% from previous day’s settlement price at RMB 140,380/mt. Trading volumes were up 4,416 lots to 28,830 lots and positions were up 184 lots to 16,468 lots.
Ferrous metals prices fell across the board, with coal prices down the most. It is rumored that domestic exchanges are considering suspension of ferrous metals futures trading, which dampened market sentiment. SHFE 1701 tin may fall further to around RMB 135,000/mt in the short term.