SMM, 25 Oct:
Trend: Lunxi Electronics opened yesterday at $16640 / tonne, up $16820 / tonne and as low as $16610 / tonne, closing at $16795 / tonne, up $215 / tonne. 252 hands were traded throughout the day, and 17148 hands were held, down by 181 hands. Inventory is 6665 tons, 20 tons less than before.
After the opening of the electronic plate of $16640 / ton yesterday, the Asian plate remained consolidated near the opening price at the beginning of the session, followed by a rapid rise to $16750 / ton and maintaining a horizontal consolidation trend at a high level. In the afternoon of the Asian plate, Lunxi was under pressure slightly downward. After the opening of the European market, Lunxi trend again under pressure, overall maintained below the daily moving average down to a daily low of $16610 / ton after touching the bottom rebounded, all the way up to $16820 / ton after a small decline, and finally closed at $16795 / ton, showing a long positive line, the physical part is near the 10-day, 40-60-day moving average, above the pressure in the 5-day moving average, it is expected that the resistance above Lunxi is near the integer level of $17000 / ton.
Shanghai tin trend: Shanghai tin main 2001 contract opened last night night 138200 yuan / ton, the highest 139380 yuan / ton, the lowest 138050 yuan / ton, closed 138430 yuan / ton, up 320 yuan / ton. 11602 hands were traded and 40712 hands were held, an increase of 140 hands.
After the Shanghai tin main force 2001 contract opened last night, 138200 yuan / ton opened last night, the overall performance rushed higher and fell back, the initial shock rose to the night high 139380 yuan / ton, then the hindered pressure fell back to above the opening price, and finally closed at 138430 yuan / ton, showing a small positive line, the physical part is located near the 10-day moving average, the bottom is supported by the 5-day moving average, and the support below Shanghai tin is expected to be near the 20-day moving average of 137000 yuan / ton. The upper resistance is located at the integer level of 140000 yuan / ton, which may maintain the consolidation pattern in the short term.
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