SMM7, March 7:
Lunxi trend: Lunxi electronic trading yesterday opened at US $16895 / tonne, with a maximum of US $17100 / tonne and a minimum of US $16885 / tonne, closing at US $17100 / tonne, with a turnover of 343 lots and a position of 16873 lots, a decrease of 77 lots. Yesterday's LME inventory was 3830 tons, an increase of 300 tons.
Lunxi opened at $16895 / tonne yesterday and was barely traded in the morning. Affected by the rise in US stocks, Lunxi rose to around $17000 / tonne before noon and then sorted out sideways. Pullback after a small shock in the afternoon. The evening shock upward, closing at the intraday high of $171000 / tonne, is positive, with the physical part above all moving averages. At present, Renxi has basically recovered its decline since June, and the upper pressure level is expected to be near the early June high of $17240 / tonne.
Shanghai tin trend: Shanghai tin main 2009 contract opened last night at 142800 yuan / ton, the highest 142800 yuan / ton, the lowest 141640 yuan / ton, closed at 142270 yuan / ton, down 220 yuan / ton, 10288 hands, 32037 positions, a decrease of 174hands.
Last night's high tin jump in Shanghai opened at this year's highest point of 142800 yuan / ton, and then adjusted down to the lowest point of 141640 yuan / ton under the influence of bulls leaving the market. It rebounded after hitting the bottom, oscillating near 142200 yuan / ton and closing at 142270 yuan / ton, showing a negative line. The physical part is above all moving averages, and the lower support level is expected to be around 140500 yuan / ton.