SHANGHAI, Jun. 21 (SMM) – LME tin prices overnight opened at USD 20,075/mt, with the high end of the price range USD 20,075/mt, and finding support at USD 19,250/mt. Finally, LME tin prices closed at USD 19,500/mt, down USD 650/mt. Trading volumes increased by 553 lots, to 793 lots, and total position decreased by 271 lots, to 21,333 lots. Inventories grew by 35 mt, to 14,335 mt.
The sluggish HSBC's June PMI for China shows China's economic growth is slowing, and the Fed announced it will scale back QE, pushing down LME tin prices to hit a nine-and-a-half-month low of USD 19,250/mt, finally closing at USD 19,500/mt, down USD 650/mt.
LME tin prices will test support at USD 19,000/mt today, and spot prices in Shanghai should level out between RMB 138,500-140,500/mt.