SHANGHAI, Sept. 8 (SMM) –LME tin opened at USD 15,040/mt on Monday. The metal touched day’s high of USD 15,100/mt and day’s low of USD 14,850/mt before closing down USD 55/mt at USD 14,950/mt. Trading volumes were down 81 lots to 82 lots, and positions were up 421 to 20,509. Inventories fell 35 mt to 5,795 mt. Trading on the LME was thin as US market closed for holiday and Chinese investors just returned from the 3-day holiday. China’s August trade data will be eyed today. Recent increase in backwardation might offer some support to LME tin, which should move between USD 14,800-15,400/mt on Tuesday.
SHFE 1509 tin should move between RMB 99,000-101,000/mt, with thin trading. In Shanghai spot market, more suppliers might cut prices, and mainstream traded prices are expected at RMB 100,500-102,500/mt.
