[SMM Tin Morning News] Lunxi maintains high stability and bears pressure on the 40-day moving average.

SMM, 8 Oct:

Trend: Lunxi Electronics opened yesterday at $16550 / tonne, up to $16595 / tonne and as low as $16360 / tonne, closing at $16435 / tonne, down $40 / tonne. A total of 141 hands were sold throughout the day, and 17672 hands were held, a reduction of 125 hands. Inventory was 6775 tons, 25 tons less than in the previous period.

After the opening of $16550 / ton yesterday, there was little trading in the Asian session. After the opening of the European market, it was arranged around the shock around the daily average of 16500 US dollars / ton at the beginning of the day. Then, due to the rise in the dollar index and the fall in the price of crude oil, Lunxi quickly fell to a daily low of 16360 US dollars / ton and returned slightly. Finally, it closed at 16435 US dollars / ton, showing a negative line, with the upper shadow line under pressure on the 40-day moving average and the lower shadow line near the 5-10 moving average. It is expected that the support below Lunxi is near the 10-day moving average of 16300 US dollars / ton. The upper resistance is near the 20-40 daily moving average of $16700 per tonne.

Under the influence of National Day, Shanghai tin was closed yesterday.

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