SHANGHAI, Nov. 24 (SMM) – On Wednesday’s night trading, SHFE 1701 tin kept rising to nearly RMB 150,000/mt with increasing positions and finally closed at RMB 148,800/mt.
On Thursday, SHFE 1701 tin started at RMB 149,400/mt and then fluctuated with resistance. The contract later advanced to RMB 151,000/mt briefly and dropped to RMB 147,800-148,800/mt. During the afternoon trading, SHFE 1701 tin kept downward momentum and dived at the tail of trading, down as low as RMB 146,000/mt. The contract finally closed at RMB 146,700/mt, down RMB 350/mt or 0.24%. Chance of US interest rate hike in December’s meeting strengthened further and US dollar index increased to the highest level since 2003. Commodities moved with resistance on Thursday in global market and SHFE 1701 tin dropped but was still moved above all the moving averages.
SHFE 1701 tin will fluctuate at current price with support at RMB 145,000 on Thursday’s night trading.