SHANGHAI, Nov. 30 (SMM) – On Tuesday’s night trading, SHFE 1701 tin moved weakly at around RMB 142,600/mt and finally closed at RMB 141,890/mt.
On Wednesday, SHFE 1701 tin started at RMB 141,780/mt and then ranged between RMB 140,880-142,640/mt with resistance. The contract plumped to RMB 137,350/mt quickly at around 11:10, hurt by short selling. During the afternoon trading, SHFE 1701 tin regained some previous lost ground with positions closing by shorts and finally ended at RMB 140,110/mt, down RMB 6,050/mt or 4.14%. Trading volumes were down 1,172 to 28,296 lots and positions were up 208 to 14,584. Commodities dived across the board in China’s market on Wednesday with crashing ferrous metals and dipping nonferrous metals. SHFE 1701 tin dropped 4.14% on Wednesday.
SHFE 1701 tin will test support at RMB 138,000/mt on Wednesday’s night trading. If SHFE 1701 tin drops below RMB 138,000/mt, it will test support at RMB 135,000/mt.