SHANGHAI, Jul. 25 (SMM) – LME tin prices opened at USD 18,400/mt overnight and closed at USD 17,605/mt, down USD 691/mt from the previous trading day, with the intraday high at USD 18,430/mt, and a low of USD 17,551/mt. Daily trading volumes rose 162 lots to 676 lots, and positions were up 97 lots to 19,559 lots. LME tin inventories remained at 11,720 mt.
On July 24, EU official said Greece may not be able to fulfill repayment obligations and will need another debt restructuring. Auditors from EU Committee, the ECB and IMF will complete the audit about Greece’s debt sustainability, but the ECB and euro zone countries were not willing to offer further rescue. According to Markit, US manufacturing sector staged contraction in July, and manufacturing output of private sector in euro zone contracted for the sixth month in July. China’s flash PMI for July was 49.5 according to HSBC, higher than the previous 48.2, but still below 50. The US dollar index created a three-year high and broke through 84. In this context, the declines in SHFE base metals are not likely to be arrested.
In China’s domestic markets, spot tin prices should remain between RMB 145,000-146,500/mt on July 25.