SHANGHAI, Jun. 24 (SMM) – LME tin prices last Friday opened at USD 19,500/mt, with the high end of the price range USD 20,000/mt, and finding support at USD 19,400/mt. Finally, LME tin prices closed at USD 20,000/mt, up USD 500/mt. Trading volumes decreased by 387 lots, to 406 lots, and total position increased by 515 lots, to 21,848 lots. Inventories fell by 85 mt, to 14,250 mt.
LME tin prices pulled down during Asian trading hours last Friday, but soared during European trading hours, finally closing at USD 20,000/mt, up USD 500/mt. That is because of news that China’s central bank injected RMB 50 billion to help ease liquidity problem last Friday.
LME tin prices will test support at USD 20,000/mt today, and spot prices in Shanghai should move between RMB 139,000-140,500/mt.