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[SMM Tin Morning News] Last Friday, Lunxi came under pressure and went up again in Shanghai tin night market.
Jul 27,2020 09:09CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

SMM7 March 27:

Lunxi trend: Lunxi electronic trading opened at 17870 US dollars per ton last Friday, with a maximum of 17870 US dollars per ton and a minimum of 17570 US dollars per tonne. It closed at 17620 US dollars per ton, down 230US dollars per ton, or 1.29%. The turnover was 367 lots and the position was 15940 lots, an increase of 82 lots. LME stocks fell by 20 tons to 3950 tons on Friday.

Lunxi opened at $17970 a tonne on Friday morning, but trading was light in the morning, falling slightly to $17760 a tonne in the early afternoon. Affected by China's diplomatic response to the United States in the afternoon, investors' risk aversion increased, and the price of Lunxi jumped to around $17600 / ton and continued to wobble downwards, with the intraday low of $17570 / ton in late Asian trading. After hitting the bottom, it rebounded somewhat and had the intention to rise at night. after the shock rose to $17790 / ton, it fell back quickly, fell back to $17880 / ton, closed at $17620 / ton, showing a negative line, and the physical part was above all moving averages. it is expected that the lower support level is around $17450 / ton.

Shanghai tin trend: the Shanghai tin main 2009 contract opened at 141130 yuan / ton last Friday night, with a maximum of 144320 yuan / ton and a minimum of 141130 yuan / ton, closing at 144100 yuan / ton, up 2260 yuan / ton, or 1.59%. 14159 hands were traded and 14275 positions were held, a decrease of 1347 hands. Last Friday, the stock of the previous period was 2931 tons, 75 tons less than the same period of the period, and 2753 warehouse receipts, a decrease of 205 tons.

Last Friday, after the main tin 2009 contract in Shanghai opened at 141130 yuan / ton, under the influence of short sellers, it fluctuated all the way up, with a slight pullback in intraday trading, and reached the highest point of 144320 yuan / ton in the late session. After reaching the peak, there was a pullback, closing at 141130 yuan / ton, showing a long positive line, and the solid part received 20-day moving average support, crossing the 5-day and 10-day moving average as a whole. The upper pressure level is expected to be near the previous high of 144600 yuan / ton.

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