SMM, July 16:

Shanghai tin opened at 142480 yuan / ton last night, fluctuated down to 140250 yuan / ton after opening, then rebounded and fluctuated around 141000 yuan / ton. It opened at 141400 yuan / ton this morning, and then, under the influence of the entry of short positions and the joint departure of long positions, it fluctuated all the way down, the lowest point in the day was 140530 yuan / ton, and the profit-taking of short positions rebounded to close at 139920 yuan / tonne, down 2220 yuan / ton, or 1.56%. The trading volume was 45251, the position was 29725, and there was a reduction of 42, showing a long overcast line within the day, and the physical part was located near the 5-day and 10-day moving average. The lower support level is expected to be near the 20-day moving average of 139500 yuan / ton.