SHFE Tin Become Only One Survivor after Wide-spread Base Metal Declines on Cut News, SMM Reports

Published: Apr 7, 2017 16:48

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On Friday’s afternoon business, SHFE 1705 tin drifted lower amid growing shorts, but finally closed up 920 yuan per tonne or 0.63 percent from the previous trading day.

SHANGHAI, Apr. 7 (SMM) – On Friday’s afternoon business, SHFE 1705 tin drifted lower amid growing shorts, but finally closed up 920 yuan per tonne or 0.63 percent from the previous trading day.

Breaking News: What Triggers Wide-Spread Declines in China Base Metals Market on Friday? SMM Reports

SHFE 1705 tin, dropping as low as 145,300 yuan per tonne before closing at 145,970 yuan per tonne, became the only one finishing higher in SHFE base metals market on Friday.

"The cut news in Gejiu, Yunnan province is believed the factor supporting the market,” SMM tin analyst says.

Why Nickel Market Dive in Afternoon Business? SMM Reports

SMM learns that some tin smelters in Gejiu, Yunnan province suspended production for environmental factor after the 2017 Chinese Qingming Festival (Apr. 2-4).

SHFE tin will likely fall at Friday's night trading as base metals mostly finished lower, and will test support at 144,200 yuan per tonne, SMM foresees.

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