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[SMM Tin Morning News] bullish forces led to higher tin concussion in Shanghai last Friday night.
May 25,2020 09:00CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

SMM5 March 25:

Lunxi trend: Lunxi electronic trading opened last Friday at $15340 / ton, with a maximum of $15450 / tonne and a minimum of $15150 / tonne, closing at $15380 / tonne, down $20 / tonne. 319 lots were traded throughout the day, and 16910 positions were held, an increase of 85 hands. The inventory is 3330 tons, 80 tons less than the previous period. Lunxi electronic trading opened at 15340 US dollars / ton on Friday, and the Asian market generally remained fluctuated near the opening price. At the end of the Asian session, Lunxi rose to $15430 / ton and then fell back under pressure quickly, falling as low as $15150 / ton. After the opening of the European market, Lunxi bottomed out and erased all the previous declines, and finally closed at 15380 US dollars / ton, showing a small positive line, with the lower shadow line near the 10mur20 and 60-day moving average, and the physical part near the 5-day moving average. The upper shadow line is located near the 10mur20 and 60-day moving averages. The lower support of Lunxi is expected to be around $15100 / ton and the upper resistance is around $15700 / ton. Shanghai tin trend: the main tin 2007 contract in Shanghai opened 132700 yuan / ton last Friday night, with a maximum of 134600 yuan / ton and a minimum of 132220 yuan / ton, closing at 134400 yuan / ton, up 2690 yuan / ton. 27713 lots were traded and 26542 positions were held, a decrease of 1645 hands. After the opening of the Shanghai tin main 2007 contract last Friday night trading of 132700 yuan / ton, affected by bulls leaving the market and some bulls increasing positions, it showed an overall upward trend, climbing to an intraday high of 134600 yuan / ton, and then fell slightly, finally closing at 134400 yuan / ton, showing a positive line, the physical part is located near the 5-day moving average, and the resistance above the Shanghai tin main 2007 contract is expected to be near the previous high of 136000 yuan / ton.

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