SHANGHAI, Jun. 28 (SMM) – During Tuesday’s night session, SHFE 1709 tin climbed to RMB 143,350/mt after opening at RMB 142,880/mt, and ended at RMB 143,220/mt.
On Wednesday, SHFE 1709 tin rose to around RMB 143,850/mt thanks to short covering, and followed commodity market up to RMB 144,650/mt at the tail of the day, ending at RMB 144,450/mt. Trading volumes increased 1,980 lots to 16,806 lots, and positions decreased 752 lots to 19,576 lots. SHFE 1709 tin broke through resistance at moving averages, but it remains to be seen whether moving averages will offer solid support. SHFE 1709 tin has found strong support at RMB 141,500/mt and will challenge resistance at RMB 146,500/mt.