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Home / Metal News / SMM Tin Market Morning Review (2013-7-16)

SMM Tin Market Morning Review (2013-7-16)

iconJul 16, 2013 10:56
LME tin prices overnight opened at USD 19,629/mt, with the high end of the price range USD 19,629/mt, and finding support at USD 19,257/mt.

SHANGHAI, Jul. 16 (SMM) – LME tin prices overnight opened at USD 19,629/mt, with the high end of the price range USD 19,629/mt, and finding support at USD 19,257/mt. Finally, LME tin prices closed at USD 19,396/mt, down USD 56/mt. Trading volumes decreased by 9 lots, to 197 lots, and total position increased by 18 lots, to 20,897 lots. Inventories remained flat at 14,435 mt.

LME tin prices overnight once dipped to USD 19,257/mt, and finally closed at USD 19,396/mt down USD 56/mt. China's Q2 GDP rose 7.5% YoY, slower than the 7.7% in Q1, triggering market concerns over China's demand for base metals. The sluggish US June retail sales data also increased market apprehension over a slower economic growth in Q2. A strengthening US dollar index also weighed down base metals prices.

LME tin prices will drop to USD 18,800/mt soon, and spot prices in Shanghai should hover between RMB 137,000-138,000/mt.

 

LME tin prices
Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market exchanges, and relying on SMM's internal database model, for reference only and do not constitute decision-making recommendations.

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