[SMM Tin Morning News] Lunxi Changyang rises and maintains the stability of the tin center of gravity in Shanghai.

Published: Oct 14, 2019 08:59

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SMM, 14 October:

Trend: Lunxi Electronics opened Friday at $16395 / tonne, up $16640 / tonne to $16380 / tonne, closing up $16640 / tonne, up $195 / tonne. 198 hands were traded throughout the day, and 18217 hands were held, an increase of 146 hands. Inventory was 6605 tons, 40 tons less than in the previous period.

Lunxi electronic plate on Friday after the opening of $16395 / ton, Asia early trading to noon during the overall maintenance of the opening price horizontal finishing. In the afternoon of the Asian plate, Lun Xi rushed up to $16445 / ton and returned to the opening price again. After the opening of the European market, at the beginning of the day fell slightly to a daily low of $16380 / ton before hitting the bottom, and then affected by Indonesia's September refined tin exports fell 41 per cent year-on-year. Lunxi overall showed a concussive upward trend, and finally closed at US $16640 / ton, showing a long Yang line, with the physical part near the May and 20-40 moving averages, supported by the 10-day moving average below, and the resistance above Lunxi is expected to be near the 60-day moving average of $16800 / ton.

Shanghai tin trend: Shanghai tin main 2001 contract opened on Friday night 136480 yuan / ton, the highest 137230 yuan / ton, the lowest 136050 yuan / ton, closed 136210 yuan / ton, up 60 yuan / ton. 14968 hands were traded, 38712 hands were held, and 156 hands were reduced.

After the opening of 136480 yuan / ton on Friday, the Shanghai tin main force 2001 contract was held up under pressure after rising to a high of 137230 yuan / ton at the beginning of the session, and quickly fell to a low of 136050 yuan / ton at night before rising slightly. Subsequently, the overall tin in Shanghai closed at 136300 yuan / ton until the end of the night, and finally closed at 136210 yuan / ton, showing a small negative line, supported by the 5-10 moving average at the bottom, and bearing pressure on the 20-day moving average. It is expected that the resistance above Shanghai tin is near the 20-day moving average of 137300 yuan / ton, and the lower support is near the 40-60 day moving average of 135000 yuan / ton.

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