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SHFE Tin Closes Lower (2017-1-18)
Jan 18, 2017 17:05Source:SMM
SHFE 1705 tin opened at RMB 146,920/mt and closed at RMB 147,710/mt, down RMB 680/mt or 0.46%.
SHANGHAI, Jan. 18 (SMM) – SHFE 1705 tin fluctuated at lows on Tuesday’s night trading and closed at RMB 147,400/mt.
On Wednesday, SHFE 1705 tin opened at RMB 146,920/mt and then climbed to RMB 149,070/nt briefly. Later, the contract rolled back after meeting resistance and closed at RMB 147,710/mt, down RMB 680/mt or 0.46%. Trading volumes fell 4,996 to 13,972 lots and positions dropped 330 to 12,996.
Downstream demand tends to be quieter, depressing market optimistic sentiment. Besides, market players leave from market to avoid risks with nearing of 2017 Chinese New Year holiday, seeing no further rising strength in tin market.
SHFE 1705 tin will fluctuate for the foreseeable future with support at RMB 149,000/mt and resistance at RMB 146,500/mt.
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