Bloomberg reported that the technical analysis from Trading Central SA shows that tin may increase 12% this quarter, which means price will rise to $27,000 a metric ton.
As quoted in the market news:
The target represents on Fibonacci charts the 61.8 percent retracement of the decline from the April 2011 high to the July 2012 low, said Jeffrey Zhang, Hong Kong-based head of Asian research. In the short term, tin will probably advance to between $24,930 and $26,000 in one or two weeks, Zhang said.
“The price has already broken above a long-term declining trend line in place since April 2011 and currently remains on the upside within its bullish channel,” Zhang wrote in an e- mail. “The 20-day moving average plays well as a support role, and should continue to push the price higher.”