SHANGHAI, Aug. 17 (SMM) – SHFE 1709 tin followed other base metals up to around RMB 145,000/mt during Wednesday’s night session.
On Thursday, SHFE 1709 tin opened at RMB 144,950/mt. Weaker dollar and rise in other base metals pushed SHFE 1709 tin up to RMB 146,180/mt. Finally, the most active contract ended up RMB 1,750/mt or 1.22% at RMB 145,540/mt. Trading volumes increased 7,216 lots to 20,348 lots, and positions decreased 2,096 lots to 17,130 lots. The rise was due mainly to exit of shorts. There were no signs of longs entering massively. SHFE 1709 tin will meet strong resistance at RMB 146,000/mt in the short term.