SHANGHAI, Aug. 15 (SMM) -- LME tin for delivery in three months opened at USD 23,850/mt and closed at USD 24,526/mt overnight, up by USD 727/mt from a day earlier, with the highest price at USD 24,950/mt and the lowest price at USD 23,800/mt. Daily trading volumes were 398 lots, up by 168 lots. Positions were 20,828 lots, down by 92 lots from a day earlier. LME tin inventories were up by 165 mt to 22,780 mt.
LME tin price advanced all the way after opening last Friday, and growth in LME tin prices slightly lowered during the evening trading hours. LME tin prices hit a high of USD 24,950/mt last Friday, and closed at USD 24,526/mt, up by USD 727/mt from a day earlier. LME tin was the only base metal that closed with gains last Friday, which is mainly due to supply concern of tin from Indonesia. It is reported that, Indonesia will hike tin export tariff and will only allow exports of refined tin. Market sentiment is still haunted by concern over the spread of European debt crisis and the US credit rating cut.
LME tin prices are supported by Indonesia’s tin export restriction, and may rebound further, with current target at USD 25,000/mt on Monday. In the Shanghai tin spot market, the tight supply of spot tin and Last Friday’s LME tin price rally will boost Shanghai spot tin prices. SMM expects that Shanghai spot tin prices will move in the RMB 193,500-195,500/mt range on Monday.