SHANGHAI, Nov. 3 (SMM) –LME tin opened at USD 15,000/mt on Monday. The metal touched day’s high of USD 15,000/mt and day’s low of USD 14,760/mt before closing down USD 25/mt at USD 14,925/mt. Trading volumes were down 112 lots to 199 lots, and positions were down 64 to 19,831. Inventories grew 25 mt to 5,015 mt. Caixin’s China manufacturing PMI for October, though up to a four-month high, remained below 50 for eight months in a row. Positive manufacturing PMI from the euro zone did not offset negative impact from poor China manufacturing PMI, weighing LME tin down. LME tin should test support at USD 14,700/mt and meet resistance at USD 15,000/mt on Tuesday.
SHFE 1601 tin should remain low between RMB 93,000-94,000/mt on Tuesday. In China spot market, more cheap goods flowed in, and mainstream traded prices are expected between RMB 93,500-95,500/mt.