SHANGHAI, Jun. 19 (SMM) – LME tin prices overnight opened at USD 20,320/mt, with the high end of the price range USD 20,335/mt, and finding support at USD 20,084/mt. Finally, LME tin prices closed at USD 20,150/mt, down USD 275/mt. Trading volumes increased by 19 lots, to 218 lots, and total position decreased by 580 lots, to 22,209 lots. Inventories grew by 180 mt, to 14,385 mt.
Investors remained cautious before the US Federal Reserve (Fed) holds its policy meeting, with the market speculating whether and when the Fed will back off assets purchasing plan. China’s home price growth slowed for the second consecutive month in May, which also pushed down base metals prices.
LME tin prices will test support at USD 20,000/mt today, and spot prices in Shanghai should level out between RMB 139,500-142,500/mt.