[SMM Tin Morning News] yesterday, Lunxi and Shanghai tin night market both broke the 5-day moving average. We need to pay attention to whether it is stable or not.

SMM7 March 21:

Lunxi trend: Lunxi electronic trading yesterday opened at US $17305 per ton, with a maximum of US $17410 per ton and a minimum of US $17245 per tonne, closing at US $17375 per tonne, up 0.64 per cent, with 188lots and 15723 positions, a decrease of 114lots. Yesterday, LME inventory was 4000 tons, an increase of 165tons over the previous period.

Lunxi electronic trading opened at US $17305 / ton yesterday. Trading in Asia was light in the morning, falling slightly around midday, slightly higher after the opening of the European market, and falling back to an intraday low of US $17245 / ton at the close of the Asian market, followed by horizontal consolidation and a small upward move. Pulled up to around $17380 / ton in the evening and fluctuated widely, hitting the intraday high of $17410 / ton, closing at $17375 / ton in late trading, showing a positive line, the physical part was located near the 5-day moving average, and the Lunxi entity part broke through the 5-day moving average. It is expected to break away from the area between the 5-day moving average and the 10-day moving average. If it can stabilize, it is expected to operate steadily above the 5-day moving average in the short term, and the upper part is under pressure near the previous high of 17450 US dollars / ton.

Shanghai tin trend: the Shanghai tin main 2009 contract opened at 140110 yuan / ton last night, the highest was 142060 yuan / ton, and the lowest was 140110 yuan / ton. It closed at 141690 yuan / ton, up 1410 yuan / ton, up or down 1.01%, with 20914 hands traded and 27240 positions, a decrease of 49 hands.

Shanghai tin 2009 contract opened at 140110 yuan / ton last night. Bulls actively entered the market after the opening, and Shanghai Scylla rose to 141180 yuan / ton. After a small pullback, it rose to 141420 yuan / ton, and after a brief pullback, the bulls entered again. Scylla rose to the highest point of 142060 yuan / ton in the night market, then peaked and fell back, and swung around 141700 yuan / ton. The last trading amplitude expanded and closed at 141690 yuan / ton, showing a long positive line. The physical part received 20-day moving average support, and the upper part broke through the 5-day moving average and 10-day moving average sticking points, if it can be effectively stabilized. It is expected to operate steadily above the 5-day moving average, and the upper pressure is expected to be around the previous pressure level of 143000 yuan / ton.