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[SMM Tin Morning News] last Friday, Lunxi hit high twice and fell back to Shanghai tin night market after jumping wide concussion.
Jul 20,2020 08:27CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

SMM7 March 20:

Lunxi trend: Lunxi electronic trading opened at 17350 US dollars / ton last Friday, the highest was 17380 US dollars / ton and the lowest was 17250 US dollars / tonne. It closed at 17265 US dollars / ton, down 75 US dollars / ton, or 0.43%. The trading volume was 207lots and positions were 15837 lots, a decrease of 107lots.

LME stocks fell by 20 tons to 3835 tons on Friday. Lunxi opened at $17350 a tonne yesterday morning and fell to $17325 a tonne in the morning, followed by little trading in the morning. Before and after the opening of European trading in the afternoon, Renxi rose slightly and then fluctuated downwards. after the Asian market closed, it rebounded at stages and rebounded, shaking upwards, climbing above to the intraday high of US $17380 / ton, and then quickly pulling down after reaching the peak. It rebounded again after hitting the bottom of US $17250 / tonne, and then fell back again after touching US $17375 / tonne, closing at US $17265 / tonne, showing a shadow line, and the physical part was located near the 5-day moving average. Considering the aggravation of the epidemic abroad over the weekend, foreign investors are relatively cautious, and the lower support level is expected to be around 17150 yuan / ton.

Shanghai tin trend: Shanghai tin main 2009 contract opened last Friday at 141200 yuan / ton, the highest 141310 yuan / ton, the lowest 140110 yuan / ton, closed at 140890 yuan / ton, down 310 yuan / ton, down 0.22%, the turnover of 20009 hands, 28141 positions decreased by 494 hands. Last Friday, the stock of the previous period was 3006 tons, an increase of 7 tons over the previous value.

Last Friday, Shanghai tin opened at 141200 yuan / ton. After opening, it was mainly affected by bulls leaving the market. Shanghai tin jumped quickly to around 140500 yuan / ton, and continued to shock downward under the influence of short entry, hitting the lowest point of 140110 yuan / ton in the night market. After hitting the bottom, the short part of profit-taking rebounded somewhat, the mid-market climbed to a small peak of 141000 yuan / ton, then slightly fluctuated down, and then jumped down to 140140 yuan / ton, and then pulled up sharply. Closed at 140890 yuan / ton, showing a small Yin line, the physical part is located between the 10-day moving average and the 20-day moving average, and the upper shadow line is located near the 10-day moving average. The lower support level is expected to be around 140000 yuan / ton.

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