SHANGHAI, Nov. 29 (SMM) – On Monday’s night trading, SHFE 1701 tin ranged between RMB 146,700-148,800/mt and finally closed at RMB 146,780/mt.
On Tuesday, SHFE 1701 tin started at RMB 146,820/mt and then dropped to RMB 145,000/mt. During the afternoon trading, SHFE 1701 tin plumped to around RMB 143,200/mt and then fluctuated around the price level. The contract fell further to RMB 142,270/mt at the tail of trading and finally ended at RMB 142,650/mt, down RMB 4,230/mt or 2.88%. Trading volumes increased 2,940 to 29,468 lots and positions reduced 960 to 14,376. Prices decreased sharply across the board in China’s commodity market on Tuesday, mainly due to capitals taking profits, except SHFE lead and SHFE zinc contract prices which were resistant to drop.
SHFE 1701 tin is expected to test support at RMB 143,000/mt on Tuesday’s night trading. If SHFE 1701 tin drops below RMB 143,000/mt, it will test RMB 138,000/mt.