SHANGHAI, Jul. 3 (SMM) –LME tin opened at USD 14,425/mt on Thursday. The metal touched day’s high of USD 14,600/mt and day’s low of USD 14,400/mt before closing down USD 55/mt at USD 14,430/mt. Trading volumes were down 94 lots to 210 lots, and positions were up 150 to 19,565. Inventories were unchanged at 7,635 mt. US June non-farm payrolls were slightly below expected, causing LME tin to drop overnight. Total nonfarm payroll employment increased by over 200,000, reflecting the health of the US labor market. Disappointing nonfarm payrolls weighed on the US dollar. LME tin should meet resistance at USD 14,700/mt on Friday due to risk aversion before referendum in Greece.
SHFE 1509 tin contract should move between RMB 109,500-111,500/mt on Friday. In Shanghai spot market, mainstream traded prices are expected to rise slightly to RMB 112,500-114,000/mt on tight supply of cheap goods.