SHANGHAI, Jun. 25 (SMM) – LME tin prices overnight opened at USD 19,900/mt, with the high end of the price range USD 19,900/mt, and finding support at USD 19,380/mt. Finally, LME tin prices closed at USD 19,600/mt, down USD 400/mt. Trading volumes decreased by 113 lots, to 293 lots, and total position decreased by 185 lots, to 21,663 lots. Inventories fell by 60 mt, to 14,190 mt.
LME tin prices pulled down during Asian trading hours, dipping to USD 19,380/mt, but rallied during European trading hours, finally closing at USD 19,600/mt, down USD 400/mt. The market concerned China will fall short of liquidity whilst Chinese government expressed it will not take measures to ease liquidity tightness. The US Federal Reserve decision to scale back QE this year also pushed down commodity and stocks markets.
LME tin prices will test support at USD 19,500/mt today, and spot prices in Shanghai should level at RMB 138,500-140,500/mt.