SHANGHAI, Dec. 16 (SMM) – US Federal Reserve hiked interest rate as expected, sending US dollar index up. On Thursday’s night trading, SHFE 1701 tin moved with resistance and closed at RMB 150,000/mt.
On Friday, SHFE 1701 tin opened at RMB 150,460/mt and then stabilized. During the afternoon trading, SHFE 1701 tin dipped to RMB 148,620/mt, hurt by positions closing by longs, and finally closed at RMB 148,720/mt, down RMB 470/mt or 0.32%. Trading volumes reduced 7,090 to 11,304 lots and positions fell 672 to 13,242. Most commodities dropped on Friday and base metals closed lower. SHFE 1701 tin kept fluctuating and tested support at the 20-day moving average. US’s interest rate hike supported US dollar index, weigh down commodities.
SHFE 1701 tin will keep ranging at current price for the short term.
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