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[SMM tin brief review] tin rose sharply in Shanghai, and some of them fell back, so we should be on guard against high risks.
Jul 28,2020 17:51CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM, July 28th:

The Shanghai tin 2010 contract opened at 146700 yuan / ton last night. The bulls entered the market after the opening, and the price rose, and then the long-short game, the horizontal market fluctuated to the close of the night market, and the amplitude narrowed from 1000 yuan / ton to 300 yuan / ton gradually. In the morning, tin opened at 148060 yuan / ton in Shanghai. After the opening, the bulls actively entered the market, and the futures price rose sharply, hitting the highest point of the day and the highest point of the year so far 154400 yuan / ton, exceeding last year's peak. After reaching the top, the pressure at the top was too great, the bulls worried about the risk of high positions, made a profit out of the market, and the short sellers took the opportunity to enter slightly, tin prices fell, concussion down, down 146750 yuan / ton in the afternoon, and then rebounded to close at 148170 yuan / ton, up 1660 yuan / ton, up 1.13%, 70852 hands traded, 22786 positions, an increase of 4645 hands, showing a positive line, the physical part is located above the moving average, and the bottom is close to the Bollinger belt on the track. Shanghai Xishang shadow line is longer, the upper pressure is larger, we need to guard against high risk, it is estimated that the upper pressure level is around 150000 yuan / ton.

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