SHFE Tin Finishes Higher (2017-1-5)

SHANGHAI, Jan. 5 (SMM) – On Wednesday’s night trading, SHFE 1705 tin fluctuated narrowly at RMB 150,300/mt and closed at RMB 150,400/mt.

On Thursday, SHFE 1705 tin opened at RMB 150,380/mt and then fluctuated. During the afternoon trading, SHFE 1705 tin entered rising track with a large amount of positions opening by longs and finally closed at RMB 154,930/mt, up RMB 4,760/mt or 3.17%. Positions increased 2,584 to 14,332. US dollar index dropped from highs. This, combined with China’s higher-than-expected manufacturing PMI released on Wednesday, sent base metals up on Thursday with a total of capital at RMB 310 million.

SHFE 1705 tin will meet resistance at RMB 156,300/mt. Attention should be on US’s nonfarm payroll report on Friday. Intensifying volatility of US dollar index will affect market’s sentiment.