SHANGHAI, Jun. 5 (SMM) – LME tin prices overnight opened at USD 21,200/mt, with the high end of the price range USD 21,200/mt, and finding support at USD 21,003/mt. Finally, LME tin prices closed at USD 21,025/mt, down USD 175/mt. Trading volumes decreased by 172 lots, to 143 lots, and total position increased by 117 lots, to 20,788 lots. Inventories grew by 175 mt, to 14,085 mt.
LME tin prices plunged to USD 21,000/mt after opening, fluctuating later in the day, and closing at USD 21,025/mt, down USD 175/mt. LME base metals prices closed the day up with the exception of tin. US April trade deficit expanded and weighed down the US dollar index, and the Reserve Bank of Australia announced it will maintain benchmark rate at 2.75%, in line with market expectations.
LME tin prices will move between USD 20,800-21,200/mt today, and spot prices in Shanghai should move between RMB 142,500-145,000/mt.