SHANGHAI, May 17 (SMM) –SHFE 1609 tin rose to RMB 109,000/mt after opening at RMB 107,870/mt, but then fell back to RMB 108,300/mt. The most active contract is expected to remain weak on Tuesday, meeting resistance at RMB 109,000/mt and testing support at RMB 106,500/mt.
Growing LME tin stocks will keep LME tin in check at USD 16,600-17,000/mt.
In Shanghai spot tin market, inflow of hedged goods will leave trading active. Mainstream traded prices are expected at RMB 108,500-110,500/mt today.
Key Macroeconomic Indicators for Base Metal Prices (2016-5-17)