SHFE Tin Finishes with Gains (2016-12-15)

SHANGHAI, Dec. 15 (SMM) – SHFE 1701 tin moved with resistance on Wednesday’s night trading and finally closed at RMB 147,650/mt.

On Thursday, SHFE 1701 tin opened at RMB 147,860/mt and the advanced to RMB 150,900/mt due to falling Chinese yuan. The contract finally closed at RMB 150,720/mt, up RMB 2,830/mt or .91%. Trading volumes fell 354 to 18,394 lots and positions rose 432 to 13,914.

Commodities performed mixed on Thursday and nonferrous metals rallied across the board. US Federal Reserve hiked interest rate by 25 basis points as expected and the monetary policy was more hawkish then estimation. US dollar index thus surged to 102.62 and hovered at highs during Asian trading hours on Thursday because the news already digested by market. Chinese yuan dropped further with the daily highest level at 6.9356, supporting commodities in China’s futures market.

SHFE 1701 tin will test RMB 151,000/mt on Thursday’s night trading. If SHFE 1701 tin rises above RMB 151,000/mt, it will test RMB 153,000/mt.