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[SMM tin brief review] the rising trend of tin in Shanghai has not been reversed and the pace of rise slows down. We should be on guard against the risk of high pullback.
Jul 30,2020 17:48CST
translation
Source:SMM
The content below was translated by Tencent automatically for reference.

SMM, July 30th:

The Shanghai tin 2010 contract opened at 146720 yuan / ton last night, briefly fluctuated widely after opening, and then fluctuated downwards, hitting an intraday low of 146550 yuan / ton. It opened at 146850 yuan / ton in the morning, rose slightly and then fell back after opening, and then the bulls entered the market, fluctuated all the way up, touched the highest point of 148210 yuan / ton in the day, and went down under pressure in the afternoon. It closed sideways around 172200 yuan / ton before the end of the day, closing at 17280 yuan / ton, down 290 yuan / ton, down 0.20%, 58862 hands, 26444 positions, an increase of 608 hands, a positive line, and the physical part is above all moving averages. Shanghai tin has hit high levels frequently in recent days, so we need to be on guard against the risk of high callback; in addition, at the end of the month, with the return of funds and the superposition of the two factors, the rising pace of tin in Shanghai has slowed down, but the trend has not changed, and the daily average of tin in Shanghai remains bullish. At the end of the month, test whether the 5-day moving average can support Shanghai tin to stabilize the price level of 146500 yuan / ton. The upper pressure level is expected to be around 148500 yuan / ton.

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