SHFE 1709 Tin Shoots Up (2017-7-27)

SHANGHAI, Jul. 27 (SMM) –On Thursday, SHFE 1709 tin jumped to around RMB 150,000/mt after opening at RMB 148,230/mt. Prices then fell back to RMB around RMB 148,400/mt as some longs exited, but rebounded later before ending up RMB 2,870/mt or 1.95% at RMB 150,320/mt. Trading volumes increased 20,390 lots to 44,936 lots, and positions increased 4,998 lots to 27,864 lots. Tin smelters in Gejiu began halting production from yesterday and planned to close for one week since SO2 exceeds specified level. This news boosted SHFE tin. SHFE 1709 tin should rise further to challenge RMB 152,000/mt in the short term.