SHANGHAI, Jun. 13 (SMM) –On Tuesday, SHFE 1709 tin opened at RMB 142,150/mt, and hit a high of RMB 142,600/mt shortly after opening the day. The most active contract rose further in the afternoon on massive long buying to its highest since the end of May at RMB 145,660/mt. Finally, the most active contract ended the day up RMB 2,840/mt or 2.0% at RMB 144,860/mt. Trading volumes increased 14,630 lots to 29,214 lots, and positions increased 1,874 lots to 20,618 lots. However, oversupply in domestic tin market will not sustain gains in SHFE tin for a long time. SHFE 1709 tin will test resistance at RMB 146,000/mt in the short term.
