SHANGHAI, Jul. 3 (SMM) – LME tin prices overnight opened at USD 19,711/mt, with the high end of the price range USD 20,300/mt, and finding support at USD 19,711/mt. Finally, LME tin prices closed at USD 20,006/mt, up USD 106/mt. Trading volumes increased by 292 lots, to 565 lots, and total position decreased by 258 lots, to 21,058 lots. Inventories fell by 50 mt, to 14,240 mt.
The strengthening US dollar index and concerns over Chinese demand weighed on the market, with LME tin prices encountering pressure at USD 20,000/mt.
LME tin prices will continue to test USD 20,000/mt level today, and spot prices in Shanghai should hover between RMB 138,000-140,000/mt.