SHANGHAI, Jul. 22 (SMM) – LME tin prices last Friday opened at USD 19,589/mt, with the high end of the price range USD 19,780/mt, and finding support at USD 19,400/mt. Finally, LME tin prices closed at USD 19,499/mt, down USD 36/mt. Trading volumes increased by 121 lots, to 231 lots, and total position increased by 16 lots, to 19,311 lots. Inventories leveled at 14,245 mt.
LME tin prices moved steadily last Friday, once soaring to USD 19,780/mt, but were weighed down later to USD 19,499/mt, down USD 36/mt. The opening of the G20 meeting pushed up the euro, and drove up base metals prices.
LME tin prices find support at USD 19,300/mt, and will test USD 18,800/mt if they fall below the level, and spot prices in Shanghai should remain level between RMB 137,000-138,500/mt.