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.