SHFE Tin Prices down 2.58% (2017-1-17)

SHANGHAI, Jan. 17 (SMM) – On Tuesday, SHFE 1705 tin dived suddenly to the 60-day moving average at the tail of mid-day trading. During the afternoon trading, SHFE 1705 tin kept falling to RMB 145,510/mt and then fluctuated at around the 60-day moving average. The contract finally closed at RMB 146,840/mt, down RMB 3,890/mt or 2.58%. Trading volumes increased 2,330 to 18,968 lots and positions rose 294 to 13,326. Most commodities dropped sharply on Tuesday.

SHFE 1705 tin will test support at the 60-day moving average and will keep fluctuating for the short term. Besides, market players may enter market at low prices.