SHFE 1709 Tin Falls Back After Hitting High (2017-7-24)

SHANGHAI, Jul. 24 (SMM) – On last Friday’s night session, SHFE 1709 tin hovered narrowly around RMB 145,900/mt. 

On Monday, SHFE 1709 tin rose to near RMB 147,000/mt after opening at RMB 145,950/mt. The most active contract rose further to RMB 147,300/mt in the afternoon, but then pared some gains as longs took profit. Finally, SHFE 1709 tin ended up RMB 800/mt or 0.55% at RMB 146,540/mt. Trading volumes increased 974 lots to 17,574 lots, and positions increased 714 lots to 23,108 lots. SHFE 1709 tin should remain strong and test resistance at RMB 148,000/mt in the short term.