SHANGHAI, Jul. 5 (SMM) – LME tin prices overnight opened at USD 20,050/mt, with the high end of the price range USD 20,239/mt, and finding support at USD 19,970/mt. Finally, LME tin prices closed at USD 20,085/mt, up USD 14/mt. Trading volumes decreased by 4 lots, to 156 lots, and total position decreased by 974 lots, to 20,486 lots. Inventories grew by 245 mt, to 14,480 mt.
A rising US dollar index, concerns over market demand and US Independence Day holiday kept the market quiet. The market was concerned if Greece and Portugal meet the requirements for bailout plan.
LME tin prices will still encounter resistance at the 20-day moving average and find support at USD 19,500/mt today, and spot prices in Shanghai should hover between RMB 138,500-140,000/mt.