SHANGHAI, Jul. 17 (SMM) – LME tin prices overnight opened at USD 19,380/mt, with the high end of the price range USD 19,580/mt, and finding support at USD 19,300/mt. Finally, LME tin prices closed at USD 19,440/mt, up USD 44/mt. Trading volumes increased by 5 lots, to 202 lots, and total position decreased by 687 lots, to 20,210 lots. Inventories fell by 80 mt, to 14,355 mt.
LME tin prices overnight moved steadily, touching as high as USD 19,580/mt, and finally closed at USD 19,440/mt, up USD 44/mt. Optimistic US industry output caused investors expectations over improving demand. The market turned their focus on Bernanke’s statement today.
LME tin prices will test USD 18,800/mt soon, and spot prices in Shanghai should hover between RMB 137,000-138,000/mt.