SHANGHAI, May 9 (SMM) – LME tin prices opened at USD 21,500/mt in electronic trading and hit an intraday low of USD 21,200/mt on the intensified market concerns caused by the political upheaval in Greece, to finally close at USD 21,450/mt, down USD 160/mt from the previous trading day, with the highest price at USD 21,600/mt. Daily trading volumes were 399 lots, up 26 lots, and positions remained flat. LME tin inventories were up 50 mt to 14,595 mt.
The general slump in LME and COMEX metals should mainly be blamed to the negative influence from French and Greek elections which retriggered the European debt worries. In China, if the CPI to be released later fails to meet the declining expectations, the monetary stimulus shall be put off again and Shanghai metal markets will be still under great pressure.
On Wednesday, domestic tin prices are expected to be between RMB 161,000-164,000/mt.