SHANGHAI, Jun. 18 (SMM) – LME tin prices overnight opened at USD 20,400/mt, with the high end of the price range USD 20,440/mt, and finding support at USD 20,440/mt. Finally, LME tin prices closed at USD 20,425/mt, down USD 25/mt. Trading volumes decreased by 113 lots, to 199 lots, and total position increased by 143 lots, to 22,789 lots. Inventories fell by 185 mt, to 14,205 mt.
Investors remained cautious before the US Federal Reserve (Fed) announces its monetary policy decision later this week, hoping the Fed will clarify its stimulus policy outlook.
LME tin prices will meet resistance at USD 20,400/mt and find support at USD 20,000/mt today, and spot prices in Shanghai should level out between RMB 140,500-143,000/mt.