SHANGHAI, Mar. 16 (SMM) – SHFE 1705 tin increased slightly on Wednesday’s night trading and fluctuated at around the 40-day moving average before closing at RMB 146,490/mt.
On Thursday, SHFE 1705 tin opened at RMB 147,200/mt and then moved narrowly around RMB 146,900/mt. The contract met resistance at the 60-day moving average and closed at RMB 147,250/mt, up RMB 1,550/mt or 1.06%. Trading volumes fell 7,670 to 13,910 lots and positions dropped 750 to 12,810. US Federal Reserve gave positive expectation on rate hike but US dollar index dropped sharply on Wednesday. US dollar index fluctuated at lows during Asian trading hours on Thursday. But this didn’t help SHFE 1705 tin increase sharply and the contract met resistance at the moving averages.
SHFE 1705 tin will keep testing resistance on Thursday’s night trading. If the contract breaks through the resistance, it will test RMB 150,000/mt. If SHFE 1705 tin cannot break through the resistance, it will face downward pressure in a short term.