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LME Tin to See Range-Bound Trading (2016-12-20)
Dec 20, 2016 09:50Source:SMM
LME tin will fluctuate on Monday with support at USD 21,000/mt and SHFE 1701 tin will move at RMB 142,500-145,500/mt.
SHANGHAI, Dec. 20 (SMM) – Eyes should be on Bank of Japan’s interest rate decision in December’s meeting on Tuesday. Strong US dollar will weigh down base metals. LME tin will fluctuate on Monday with support at USD 21,000/mt. SHFE 1701 tin fluctuated at around the 40-day moving average with falling positions. The contract will test support at the 40-day moving average on Tuesday and will move at RMB 142,500-145,500/mt.
In China’s domestic market, falling SHFE 1701 tin dragged spot tin down. Spot premiums widened slightly, indicating that spot tin was resistant to dropping. Spot tin should trade at RMB 147,000-149,000/mt on Tuesday.
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