SHANGHAI, Jun. 26 (SMM) – LME tin prices overnight opened at USD 19,525/mt, with the high end of the price range USD 20,034/mt, and finding support at USD 19,390/mt. Finally, LME tin prices closed at USD 19,755/mt, up USD 155/mt. Trading volumes increased by 88 lots, to 381 lots, and total position increased by 25 lots, to 21,688 lots. Inventories fell by 50 mt, to 14,140 mt.
LME tin prices dipped to USD 19,390/mt, dragged down by the slumping Shanghai Composite Index. As China's stocks markets rebounded and since market apprehension over liquidity tightness mitigated, LME tin prices gained back previous losses and touched USD 20,034/mt, but pulling down again at the end of the trading, and finally closing at USD 19,755/mt, up USD 155/mt. US June CCI released overnight was its highest since January 2008, while home price index in April and May durable goods orders as well as new home sales figures in May were all upbeat, boosting market sentiment.
LME tin prices have support at USD 19,500/mt, but encounter resistance at USD 20,000/mt, and spot prices in Shanghai should move between RMB 138,000-140,000/mt.