SMM, 21 Oct:
Trend: Lunxi Electronics opened Friday at $17080 a tonne, up from $17155 a tonne to a low of $16645 a tonne, closing at $16970 a tonne, down $135a tonne. 422 hands were traded throughout the day, and 17498 hands were held, an increase of 193 hands. Inventory of 6705 tons, flat compared with the previous period.
Lunxi electronic plate on Friday after the opening of $17080 / ton, the Asian session to the opening of the European market, Lunxi overall maintained a narrow consolidation near the opening price. Subsequently, Lunxi quickly fell to an intraday low of $16645 / ton, then hit bottom and rebounded quickly, wiping out nearly half of the previous decline, and finally closed at $16970 / ton, showing a small negative line, with the lower shadow line running longer to near the 5-10, 40-60-day moving average. The rapid decline in Shanghai tin is mainly a technical correction after the previous overshoot, with support below Lunxi expected to be near the 5-day moving average of $16800 / tonne.
Shanghai tin trend: Shanghai tin main 2001 contract opened on Friday night 139500 yuan / ton, the highest 139790 yuan / ton, the lowest 138100 yuan / ton, closed 138560 yuan / ton, down 1970 yuan / ton. 24058 hands were traded and 42236 hands were held, a decrease of 730 hands.
Shanghai tin 2001 contract on Friday night affected by the sharp decline in Lunxi by 139500 yuan / ton jump low open, then Shanghai tin fell to a night low of 138100 yuan / ton after a small recovery, and maintained at 138500 yuan / ton near the low consolidation, finally closed at 138560 yuan / ton, showing a negative line, the physical part is located near the 5-day moving average, Shanghai tin support is expected to be near the 10-day moving average of 137500 yuan / ton.
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