SHANGHAI, Aug. 29 (SMM) – On Monday’s night session, SHFE 1709 tin fell to RMB 143,690/mt, but then rallied to RMB 144,300/mt.
On Tuesday, SHFE 1709 tin followed LME tin up to RMB 145,500/mt, but then fell back to RMB 144,300/mt as longs exited. Finally, SHFE 1709 tin ended at RMB 144,330/mt.
SHFE 1801 tin became the most active one today, whose positions rose 984 lots to 12,324 lots and trading volumes rose 2,690 lots to 8,682 lots. SHFE 1801 tin should continue testing resistance at the 20-day moving average.
So far, SHFE tin warrants were 7,730 mt, while positions of SHFE 1709 tin were 11,318 lots. For now, SHFE tin warrants are enough for delivery of SHFE 1709 tin.
SHFE tin will continue meeting big resistance. SHFE 1709 tin will move within RMB 143,500-145,500/mt in the short term, and the price gap between SHFE 1709 and 1801 tin will hold stable at RMB 2,500-3,000/mt.