SHANGHAI, Jul. 15 (SMM) – LME tin prices last Friday opened at USD 19,688/mt, with the high end of the price range USD 19,688/mt, and finding support at USD 19,299/mt. Finally, LME tin prices closed at USD 19,452/mt, down USD 103/mt. Trading volumes decreased by 92 lots, to 206 lots, and total position decreased by 466 lots, to 20,879 lots. Inventories grew by 25 mt, to 14,435 mt.
LME tin prices last Friday once dipped to USD 19,299/mt, but then gained back some losses, and finally closed at USD 19,452/mt down USD 103/mt. US CCI was worse-than-expected, but the US dollar index continued to rise, weighing down base metals prices. Fitch downgraded French rating to AA+, but the market was rarely affected.
LME tin prices will find support at USD 18,800/mt today, and spot prices in Shanghai should hover between RMB 137,000-138,000/mt.