SHANGHAI, Aug. 10 (SMM) –LME tin opened at USD 15,465/mt last Friday. The metal touched day’s high of USD 15,465/mt and day’s low of USD 15,200/mt before closing down USD 250/mt at USD 15,200/mt. Trading volumes were up 67 lots to 258 lots, and positions were down 2 to 21,265. Inventories grew 65 mt to 6,630 mt. Germany’s exports fell more than expected in June, and the country’s industrial output also fell, pressuring base metals. China’s foreign trade data for July were also discouraging. The US added 215,000 jobs in its non-farm sector, missing forecasts. LME tin should test support at USD 15,000/mt on Monday.
SHFE 1509 tin contract should move between RMB 106,000-109,000/mt on Monday. In Shanghai spot market, demand will remain poor, and mainstream traded prices are expected between RMB 108,000-110,500/mt.
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