SHANGHAI, Apr. 1 (SMM) – LME tin opened at USD 16,850/mt on Tuesday. The metal touched day’s high of USD 16,960/mt and day’s low of USD 16,475/mt before closing down USD 310/mt at USD 16,570/mt. Trading volumes increased 203 lots to 358 lots, with positions up 71 to 20,160. Inventories dropped 25 mt to 9,930 mt. Chances are slim that agreement will be reached over the debt issue in Greece soon, sending the euro down. Nuclear talks in Iran drag on, causing crude oil to fall for three days in a row. The US dollar stabilized above 98 on positive US economic data. In this scenario, bears flooded in, sending LME tin down. LME tin remains under downward pressure, with prices expected between USD 16,400-16,900/mt on Wednesday.
SHFE 1507 tin contract rose above RMB 118,500/mt during Tuesday’s night session as bulls entered, but then fell back to RMB 117,500/mt as bears jumped in. The most active contract should fall to between RMB 116,500-118,500/mt on Wednesday. In domestic spot market, ample supply and poor demand will drag prices down to RMB 117,500-120,500/mt on Wednesday.