SMM Tin Market Morning Review (2015-8-24)

SHANGHAI, Aug. 24 (SMM) –LME tin opened at USD 15,225/mt last Friday. The metal touched day’s high of USD 15,450/mt and day’s low of USD 14,830/mt before closing down USD 425/mt at USD 14,870/mt. Trading volumes were up 161 lots to 440 lots, and positions were up 58 to 20,822. Inventories grew 190 mt to 7,355 mt. Caixin’s flash China manufacturing PMI for August hit the lowest since March 2009. US manufacturing activity expanded at its lowest in nearly two years in August. Global stock market recorded its poorest week this year. LME tin should test support at USD 14,600/mt on Monday as market panic will persist after global stock market fell. 

SHFE 1509 tin contract should move around RMB 105,000/mt. In Shanghai spot market, mainstream traded prices are expected at RMB 105,000-107,500/mt, pressured by falling futures prices and other base metals prices.