SHANGHAI, Jul. 1 (SMM) – LME tin prices last Friday opened at USD 19,770/mt, with the high end of the price range USD 19,900/mt, and finding support at USD 19,600/mt. Finally, LME tin prices closed at USD 19,749/mt, down USD 3/mt. Trading volumes increased by 140 lots, to 471 lots, and total position increased by 151 lots, to 21,699 lots. Inventories grew by 150 mt, to 14,320 mt.
LME tin prices last Friday fluctuated between the 5 and 10-day moving average, once dipping to USD 19,600/mt, but rallying later and closing at USD 19,749/mt, down USD 3/mt. Asian stocks markets rose last Friday due to positive data from Japan and since Fed officials stated the Fed will likely maintain easing policies in the near term. China's central bank helping ease credit tightness also supported base metals prices.
LME tin prices should move around USD 19,800/mt today, and spot prices in Shanghai should hover between RMB 138,000-140,000/mt.