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[SMM Tin Morning News] the tin night market in Shanghai was shaken to maintain stability after it opened high.
May 19,2020 09:00CST
The content below was translated by Tencent automatically for reference.

SMM5 March 19:

Lunxi trend: Lunxi electronic trading opened at US $15020 / ton yesterday, with a maximum of US $15315 / tonne and a minimum of US $15015 / tonne, closing at US $15235 / tonne, up US $275 / tonne. The whole day turnover was 335 lots, and the position was 17280 lots, a decrease of 164lots. Inventory of 3540 tons, unchanged from the previous period.

After the opening of the electronic plate of $15020 / ton yesterday, the Asian market generally maintained a horizontal arrangement near the opening price from early trading to midday, and from afternoon to the opening of the European market, Lunxi generally showed a wave band rising trend, climbing to an intraday high of $15315 / ton, and finally closed at $15235 / ton, showing a positive line, the physical part was located near the 5-20 moving average, and the upper part was under pressure at the 60-day moving average. The resistance level above Lunxi is expected to test around the 60-day moving average around $15300 / ton.

Shanghai tin trend: the main tin 2007 contract in Shanghai opened 131350 yuan / ton last night, with a maximum of 131490 yuan / ton and a minimum of 130390 yuan / ton, closing at 131080 yuan / ton, up 330yuan / ton. 12724 hands were traded and 29835 positions were held, a decrease of 451 hands.

After the Shanghai tin main 2007 contract opened last night at a high of 131350 yuan / ton, the early trading fell to a night low of 130390 yuan / ton under the influence of long positions, and then long positions first increased and then decreased. Shanghai tin rose and maintained near the daily average of 131000 yuan / ton, finally closed at 131080 yuan / ton, showing a small shadow line, and the lower shadow line was supported by the 5-10-day moving average. It is expected that the resistance above the Shanghai tin main 2007 contract will be around 132000 yuan / ton. The lower support is located near the 20-day moving average of 128000 yuan / ton.

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