SHANGHAI, Jun. 14 (SMM) – LME tin prices overnight opened at USD 20,400/mt, with the high end of the price range USD 20,475/mt, and finding support at USD 20,250/mt. Finally, LME tin prices closed at USD 20,345/mt, down USD 35/mt. Trading volumes decreased by 88 lots, to 414 lots, and total position increased by 1,209 lots, to 22,306 lots. Inventories remained at 14,495 mt.
US May retail sales rose 0.6%, its largest gains in three months; the number of US initial jobless claims decreased by 12,000, to 334,000, showing the job market is improving mildly.
LME tin prices will find support at USD 19,500/mt today, and spot prices in Shanghai should move between RMB 141,000-143,500/mt.