SHANGHAI, Jun. 3 (SMM) – LME tin price last Friday opened at USD 20,962/mt, with the high end of the price range USD 21,034/mt, and finding support at USD 20,492/mt. Finally, LME tin prices closed at USD 20,925/mt, down USD 76/mt. Trading volumes increased by 359 lots, to 508 lots, and total position increased by 111 lots, to 20,657 lots. Inventories grew by 60 mt, to 13,935 mt.
LME tin prices last Friday once plunged to USD 20,492/mt during European trading, but then gained back early losses due to the weakening US dollar index, finally closing at USD 20,925/mt, down USD 76/mt. US and euro zone data was mixed, and China's official PMI was higher than expectations, with global economic growth outlook unclear.
The US dollar index stabilized around 83, giving support to base metals. LME tin prices found support at USD 21,000/mt, but look set to fall in the near term, testing USD 20,800/mt. Spot prices in Shanghai should move between RMB 143,500-145,500/mt.