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LME Tin to Move Lower (2017-2-7)
Feb 7, 2017 10:02Source:SMM
SHFE 1705 tin will move at RMB 143,500-146,500/mt on Tuesday.
SHANGHAI, Feb. 7 (SMM) – LME tin dropped hurt by longs taking profits on Monday’s night trading and found support at USD 19,000/mt. There is a possibility for LME tin to keep falling in a short term. SHFE 1705 tin opened lower and climbed on Monday’s night trading and will move at RMB 143,500-146,500/mt on Tuesday.
In China’s domestic market, many smelters held online during 2017 Chinese New Year holiday. Moreover, goods delivery before the holiday increased spot supply. So, spot supply is ample in China. But downstream buyers showed low purchase interest. Spot tin should trade at RMB 146,000-148,000/mt on Tuesday.
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