LME Tin to Move Lower (2017-2-3)

SHFE tin 2210 contract stabilised this morning. The upstream smelters weakly held prices firm. The sources of goods were slightly higher than the previous period.

The production in the upstream mainstream smelters stabilised. Guangxi gradually resumed production from power rationing. The increase in processing fees has stimulated the enthusiasm of smelters to produce, and some companies have reopened primary ore production lines. The output is expected to increase on the month in October.

On Friday, SHFE 1709 tin fell to RMB 143,270/mt after opening at RMB 144,070/mt.

LME tin should test resistance at USD 20,900/mt today and support at USD 20,000/mt.

During Thursday’s night session, SHFE 1709 tin fell to around RMB 144,400/mt after a low opening.  

On Thursday’s night session, SHFE 1709 tin moved mainly between RMB 146,900-147,400/mt. 

LME tin will fall further toward USD 20,200/mt if it loses support at USD 20,400/mt.

On Tuesday, SHFE 1709 tin tumbled to around RMB 148,300/mt shortly after opening at RMB 149,480/mt.

ME tin may face technical corrections and test resistance at USD 20,600/mt and support at USD 20,000/mt today.

On Thursday’s night session, SHFE 1709 tin fell and ended at RMB 145,750/mt.