SHANGHAI, Nov. 12 (SMM) –LME tin opened at USD 14,660/mt on Wednesday. The metal touched day’s high of USD 14,885/mt and day’s low of USD 14,585/mt before closing up USD 115/mt at USD 14,770/mt. Trading volumes were up 40 lots to 166 lots, and positions were down 417 to 18,466. Inventories were unchanged at 5,390 mt. China’s industrial data for October missed forecasts, taking a toll on commodity market. The rise in LME tin is due mainly to technical correction, with buying activity still muted. LME tin will test resistance at USD 14,800/mt on Thursday, with support at USD 14,400/mt.
SHFE 1601 tin should move at RMB 90,000-91,000/mt on Thursday. In China spot market, mainstream traded prices are expected between RMB 90,000-92,000/mt.