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SHFE Tin Prices Up 0.69% (2017-3-10)
Mar 10, 2017 19:42Source:SMM
SHFE 1705 tin opened at RMB 141,350/mt and closed at RMB 142,890/mt, up RMB 980 or 0.69%.
SHANGHAI, Mar. 10 (SMM) – On Thursday’s night trading, SHFE 1705 tin dropped to RMB 138,890/mt and the rallied before closing at RMB 141,700/mt.
On Friday, SHFE 1705 tin opened at RMB 141,350/mt and then climbed to RMB 143,000/mt thanks to positions closing by shorts. The contract later fluctuated at RMB 142,000-143,000/mt and closed at RMB 142,890/mt, up RMB 980 or 0.69%. Trading volumes were up 1,018 to 24,188 lots and positions were down 310 to 16,736.
People’s Bank of China Governor Zhou Xiaochuan indicated on China’s NPC&CPPCC that exchange rate of yuan is stable in 2017 and the bank will be more neutral on prudent monetary policy.
SHFE 1705 tin will stabilize and will increase with support at RMB 139,000/mt. The contract will meet resistance at RMB 143,000/mt. If SHFE 1705 tin breaks through RMB 143,000/mt, it will meet resistance at RMB 145,000/mt.
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