SHFE Tin Prices Up 1.95% (2017-1-25)

SHANGHAI, Jan. 25 (SMM) – On Tuesday’s night trading, SHFE 1705 tin fluctuated narrowly and finally closed at RMB 146,320/mt.

On Wednesday, SHFE 1705 tin started at RMB 146,380/mt and then climbed to RMB 148,730/mt with positions closing by shorts. Later, the contract hovered at highs and broke through rhe 10 and 60-day moving average at the tail of trading. SHFE 1705 tin finally ended at RMB 148,220/mt, up RMB 2,840/mt or 1.95%. Trading volumes fell 1,148 to 10,542 lots and positions dropped 1,060 to 11,430. China’s central bank announced to raise MLF rate on January 17, a sign of tight liquidity. Attention should be on financial market’s response.

SHFE 1705 tin is expected to see range-bound trading with exit of capitals.