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[SMM Tin Morning News] Lunxi rose first and then suppressed the cross star, and tin night trading in Shanghai fell sharply.
Jul 23,2020 09:09CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM7 March 23:

Lunxi trend: Lunxi electronic trading yesterday opened at 17600 US dollars / ton, with a maximum of 17865 US dollars / ton and a minimum of 17500 US dollars / tonne. It closed at 17575 US dollars / ton, down 75 US dollars / ton, unchanged, with 1301 lots and 15653 positions, a decrease of 121 lots. Yesterday's LME inventory was 3985 tons, an increase of 5 tons.

Yesterday morning, Lunxi opened at US $17600 / tonne, the center of gravity moved slightly higher in the morning, and rose to the highest point of the day after the opening of European trading. Subsequently, under the influence of the contradiction between China and the United States, the outer plate metal fell across the board, and tin was difficult to support, but also fell back. It rebounded in the evening and fell again, falling below the opening price and reaching a bottom of US $17500 / ton. After hitting the bottom, it rebounded and closed at $17575 / tonne, showing a cross star, with the physical part above all moving averages, the expected commercial law pressure level at $17650 / tonne, and the lower support level near the five-day moving average of $17430 / tonne. Shanghai tin trend: Shanghai tin main 2009 contract opened at 142790 yuan / ton last night, with a maximum of 142920 yuan / ton and a minimum of 141000 yuan / ton, closing at 141230 yuan / ton, down 1560 yuan / ton, or 1.09%. 18664 hands were traded and 25247 positions were held, a decrease of 1491 hands.

Yesterday, the main 2009 contract of tin in Shanghai opened at 142790 yuan / ton. after the opening, affected by the contradiction between China and the United States and pessimistic expectations of foreign trade, the bulls fled the market, and tin quickly jumped to the vicinity of 141900 yuan / ton, followed by horizontal market concussion. the center of gravity moved slightly downward, closing at 141230 yuan / ton, showing a negative line, the entity broke through the 5-day and 10-day moving average, and the lower support level is expected to be near the 20-day moving average of 140500 yuan / ton.

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