LME tin drops 4.5 pct on firmer dollar, chart-based selling
SINGAPORE, Sept 20 |
SINGAPORE, Sept 20 (Reuters) - London Metal Exchange tin fell 4.5 percent on Thursday as a firmer dollar triggered a bout of chart-based selling in the metal.
LME tin dropped to $20,441 a tonne, its lowest in a week, before recovering to $20,500 a tonne at 0650 GMT, down from a close at $21,400 a tonne on Wednesday.
Traders said there was no fundamental news to trigger the sales, but pointed to its break of the 200-day moving average around $20,800 a tonne. (Reporting by Melanie Burton; Editing by Michael Urquhart) (firstname.lastname@example.org; +65 6870 3017; Reuters Messaging: email@example.com)
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