SHFE Tin Closes Lower (2017-2-7)

SHANGHAI, Feb. 7 (SMM) – On Monday’s night trading, SFHE 1705 tin opened at RMB 144,600/mt and then dropped to RMB 143,530/mt, hurt by positions closing by longs. The contract rebounded to RMB 144,500/mt with rallying LME tin and firm spot tin in China’s market. SHFE 1705 tin surged to RMB 145,500/mt at the tail of trading before closing.

On Tuesday, SHFE 7105 tin dived after opening but found support at the moving average. The contract fluctuated at around RMB 144,500/mt with lack of rising strength and kept weak due to falling LME tin. SHFE 1705 tin finally closed at RMB 144,600/mt. Positions increased 1,678 to 13,624 and trading volumes rose 7,598 to 18,212 lots.

SHFE 1705 tin is expected to remain weak and move at RMB 143,500-146,000/mt on Tuesday’s night trading.