SHANGHAI, Jul. 8 (SMM) – LME tin prices started at USD 20,049/mt last Friday and plunged to a low of USD 18,809/mt before closing at USD 19,000/mt, down USD 1,085/mt or 5.4% from the previous trading day, the biggest decline among base metals. The better-than-expected US nonfarm payroll data caused the US dollar to surge and raising market concerns that the Fed may soon begin tapering the QE3. Trading volumes for SHFE tin increased 745 lots to 901 lots, and positions were 21,416 lots, up 930 lots. SHFE tin inventories rose 75 mt to 14,555 mt.
In China, spot tin prices are expected to fall to RMB 137,000-139,000/mt on Monday due to the slumping LME tin.