SHANGHAI, Jul. 29 (SMM) –LME tin opened at USD 15,660/mt on Tuesday. The metal touched day’s high of USD 16,280/mt and day’s low of USD 15,660/mt before closing up USD 665/mt at USD 16,265/mt. Trading volumes were up 447 lots to 796 lots, and positions were up 380 to 19,308. Inventories fell 185 mt to 6,990 mt. Indonesia will introduce new export regulations starting on August 1, which will cut tin exports from the country. This allowed LME tin to rise to near four-month high. However, worries over metal demand in China still linger amid plunging Chinese stock market. Pending export regulations in Indonesia will allow LME tin to challenge resistance at USD 16,400/mt on Wednesday.
SHFE 1509 tin contract hovered around RMB 111,500/mt during Tuesday’s night session, and should test resistance at RMB 112,500/mt on Wdnesday. In Shanghai spot market, mainstream traded prices might follow LME and SHFE tin up to RMB 110,500-112,500/mt.