SHANGHAI, Dec. 8 (SMM) –SHFE 1701 tin broke through a 12-month resistance at RMB 145,500/mt at the tail of Wednesday’s trading. On Wednesday’s night trading, SHFE 1701 tin opened higher and then advanced to RMB 147,980/mt. The contract later plumped to RMB 145,000/mt with longs taking profits and rallied at the tail of trading before closing at RMB 145,860/mt.
On Thursday, SHFE 1701 tin climbed to RMB 147,360/mt after opening and then dived to RMB 143,990/mt. The contract later rallied to the moving average and dropped again before moving weakly.
SHFE 1701 tin will range between RMB 143,500-146,500/mt on Thursday’s night trading.