SHANGHAI, Jul. 2 (SMM) – LME tin prices overnight opened at USD 19,651/mt, with the high end of the price range USD 19,950/mt, and finding support at USD 19,625/mt. Finally, LME tin prices closed at USD 19,900/mt, up USD 151/mt. Trading volumes decreased by 198 lots, to 273 lots, and total position decreased by 383 lots, to 21,316 lots. Inventories fell by 30 mt, to 14,290 mt.
A weakening US dollar index pushed up base metals prices. US June manufacturing PMI rebounded, and construction spending in May hit a four-year high, boosting market confidence. The sluggish China's June PMI did not affect tin prices significantly.
LME tin prices should encounter resistance at USD 20,000/mt but find support at USD 19,500/mt today, and spot prices in Shanghai should hover between RMB 138,000-140,000/mt.