SHANGHAI, Jun. 17 (SMM) – LME tin prices last Friday opened at USD 20,375/mt, with the high end of the price range USD 20,450/mt, and finding support at USD 20,180/mt. Finally, LME tin prices closed at USD 20,450/mt, up USD 105/mt. Trading volumes decreased by 102 lots, to 312 lots, and total position increased by 340 lots, to 22,646 lots. Inventories fell by 105 mt, to 14,390 mt.
US economic data released last Friday was relatively pessimistic. US industry output in May remained flat, while University of Michigan's CCI in June fell short of expectations. IMF lowered its economic outlook for US and stated QE3 should be maintained until late 2013.
LME tin prices will face downward risk and meet resistance at USD 20,400/mt today, and spot prices in Shanghai should move between RMB 140,500-143,500/mt.