SHANGHAI, Jun. 6 (SMM) – LME tin prices overnight opened at USD 21,139/mt, with the high end of the price range USD 21,180/mt, and finding support at USD 20,930/mt. Finally, LME tin prices closed at USD 21,050/mt, up USD 25/mt. Trading volumes increased by 104 lots, to 247 lots, and total position increased by 29 lots, to 20,817 lots. Inventories remained flat at 14,085 mt.
US ADP employment figures fell short of expectations, pushing down the US dollar index and dampening optimism towards US non-farm employment data, and weighing down base metals prices. Besides, Japanese Prime Minister Shinzo Abe's reform plan lacks details and power, falling short of market expectations, dragging down the Nikkei Index to plunge.
LME tin prices will find support at USD 20,800/mt today, and spot prices in Shanghai should move between RMB 142,000-145,000/mt.