SHANGHAI, Jun. 28 (SMM) – LME tin prices overnight opened at USD 19,695/mt, with the high end of the price range USD 19,965/mt, and finding support at USD 19,675/mt. Finally, LME tin prices closed at USD 19,752/mt, up USD 57/mt. Trading volumes increased by 77 lots, to 331 lots, and total position decreased by 131 lots, to 21,548 lots. Inventories grew by 30 mt, to 14,170 mt.
LME tin prices overnight fluctuated around USD 19,800/mt, once touching USD 19,965/mt, but were weighed down and finally closed at USD 19,752/mt, up USD 57/mt. Market concerns over China’s tightening credit eased. US consumer spending in May rebounded, and the number of initial jobless claims last week decreased, showing US economy is still on track of recovering.
LME tin prices should move between USD 19,500-19,900/mt today, and spot prices in Shanghai should hover between RMB 138,000-140,000/mt.