SHANGHAI, Nov. 25 (SMM) – On Thursday’s night trading, SHFE 1701 tin traded in narrow range and ended at RMB 147,000/mt.
On Friday, SHFE 1701 tin plunged to RMB 143,220/mt after opening at RMB 147,480/mt due to short selling. The most active contract rebounded later to RMB 145,400-146,000/mt and finally ended down RMB 2,350/mt or 1.59% at RMB 145,820/mt. Trading volumes were down 19,054 lots to 24,014 lots and positions were down 150 lots to 15,362 lots. Based metals prices diverged from each other. SHFE 1701 tin should test support at RMB 144,500/mt and resistance at RMB 150,000/mt in the short term.