SHANGHAI, Nov. 21 (SMM) – On last Friday’s night trading, SHFE 1701 tin climbed to RMB 141,780/mt after opening at RMB 141,500/mt. But prices then followed ferrous metals prices down to RMB 138,500/mt, ended at RMB 139,570/mt.
On Monday, SHFE 1701 tin shot up to RMB 145,070/mt on short covering, but erased some gains later in the day, ending at RMB 143,390/mt. Trading volumes were up 2,712 lots to 31,542 lots and positions were down 838 lots to 15,630 lots. SHFE 1701 tin has found support at the 20-day moving average, but has met strong resistance at the 10-day moving average.