SHANGHAI, Jan. 13 (SMM) -- On Monday night, LME tin prices experienced a drastic growth. Prices touched the lowest level at 17,400/mt and reached the highest level at USD 18,035/mt, with daily growth of USD 610/mt. On Tuesday, LME tin prices jumped by USD 300/mt, and reached the highest level at USD 18,280/mt. After experiencing a short correction, prices were poised to climb further, but close attention should be paid that buying from short positions was strengthened.
Shanghai tin market was stimulated and inspired by LME tin prices, and traders followed the price rising trend and raised offers steadily on Tuesday, showing a firm reluctance to move goods. Inquires from downstream consumers increased, and traded prices approached to RMB 138,000/mt. Trading volumes were higher from the level on Monday, and RMB 140,000/mt will be a new target on Wednesday under the direction of strong LME tin prices.
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