SHANGHAI, Jul. 18 (SMM) – LME tin prices overnight opened at USD 19,381/mt, with the high end of the price range USD 19,690/mt, and finding support at USD 19,378/mt. Finally, LME tin prices closed at USD 19,500/mt, up USD 60/mt. Trading volumes decreased by 7 lots, to 195 lots, and total position decreased by 640 lots, to 19,570 lots. Inventories fell by 50 mt, to 14,305 mt.
The US dollar index strengthened after Ben Bernake's statement, but tin prices were barely affected. Bernanke expressed the Fed will scale back assets purchasing plan later this year, but will adjust the plan if economic outlook deteriorates.
LME tin prices will hover around USD 19,500/mt soon, and spot prices in Shanghai should move between RMB 137,000-138,500/mt.