SHANGHAI, Jul. 6 (SMM) –LME tin opened at USD 14,405/mt last Friday. The metal touched day’s high of USD 14,445/mt and day’s low of USD 13,920/mt before closing down USD 230/mt at USD 14,200/mt. Trading volumes were down 28 lots to 182 lots, and positions were up 377 to 19,942. Inventories were unchanged at 7,635 mt. Risk aversion before Sunday’s referendum in Greece and plunging Chinese stock market caused LME tin to fall. 61.32% of voters rejected demands by international creditors for more austerity measures in exchange for a bailout of its bankrupt economy in Sunday’s referendum. This will push Greece closer to exit of the euro zone. The US dollar index rose as a result, causing LME tin to open lower on Monday. LME tin is expected to test support at USD 13,300/mt and meet resistance at USD 14,500/mt today.
SHFE 1509 tin contract opened lower at RMB 107,960/mt during last Friday’s night session, and closed down RMB 1,300/mt. The contract should move between RMB 106,000-111,000/mt on Monday. In Shanghai spot market, weak LME and SHFE tin will keep spot prices in check. But tight supply will offer support to prices. Mainstream traded prices are expected at RMB 112,500-114,000/mt.