SHANGHAI, Nov. 28 (SMM) – On last Friday’s night trading, SHFE 1701 tin moved higher and closed at RMB 146,880/mt.
On Monday, SHFE 1701 tin opened at RMB 147,100/mt and then was volatile with high-end and low-end at RMB 148,670/mt and RMB 145,870/mt, respectively. Later, the contract moved in a narrow range of RMB 146,400-147,300/mt. During the afternoon trading, SHFE 1701 tin increased at the tail of trading thanks to positions opening by longs, and finally ended at RMB 149,050/mt, up RMB 2,850/mt or 1.95%. Positions of SHFE 1701 tin reduced in most trading hours on Monday but increased significantly by longs at the tail of trading. Positions of SHFE 1701 tin finally fell 26 to 15,336 and trading volumes increased 2,514 to 26,528.
Commodities in China’s market surged across the board on Monday, with strong nonferrous metals. SHFE 1701 lead and SHFE 1701 zinc both advanced to their daily upward limits and SHFE 1701 tin strengthened at the tail of trading.
Attention should be on Chinese official manufacturing PMI in November on Thursday, and the result is expected to give a clue to conditions of Chinese economy.
SHFE 1701 tin will challenge resistance at RMB 150,000/mt for the short term. If SHFE 1701 tin breaks through RMB 150,000/mt, it will advance to the previous high level of RMB 157,000/mt.