SHANGHAI, Jan. 9 (SMM) – SHFE 1705 tin fluctuated at RMB 152,700/mt after opening on last Friday’s night trading and then advanced to RMB 153,200/mt slightly before closing at RMB 153,000/mt.
On Monday, SHFE 1705 tin opened at RMB 153,190/mt and the fluctuated at around RMB 153,500/mt. During the afternoon trading, SHFE 1705 tin dipped to RMB 153,500/mt briefly and later regained previous lost ground. The contract finally closed at RMB 153,260/mt, up RMB 100/mt or 0.07%. Trading volumes were down 9,156 to 18,838 lots and positions were up 672 to 16,688. US dollar index dropped briefly last week, easing pressure on dollar-denominated commodities. However, market players were optimistic toward US dollar index with positive US’s economy and strengthening rate hike, weighing down base metals.
SHFE 1705 tin will keep testing support at RMB 152,000/mt on Monday’s night trading and will meet resistance at RMB 156,000/mt.
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