SHANGHAI, Mar. 8 (SMM) – SHFE 1705 tin dropped sharply on Tuesday’s night trading, down as low as RMB 142,610/mt, due largely to positions opening by shorts, and closed at RMB 142,800/mt.
On Wednesday, SHFE 1705 tin opened at RMB 143,070/mt and then fluctuated at RMB 143,200/mt. The contract ended at RMB 142,880/mt, down RMB 1,800/mt or 1.24%. Trading volumes rose 1,904 to 17,132 lots and positions increased 1,076 to 14,792. China reduced 2017 GDP growth, keeping waning market sentiment.
SHFE 1705 tin will test support at RMB 142,000/mt and will remain weak in a short term.