SMM Tin Market Morning Review (2013-7-23)

SHANGHAI, Jul. 23 (SMM) – LME tin prices overnight opened at USD 19,500/mt, with the high end of the price range USD 19,550/mt, and finding support at USD 19,420/mt. Finally, LME tin prices closed at USD 19,474/mt, down USD 25/mt. Trading volumes decreased by 37 lots, to 194 lots, and total position decreased by 254 lots, to 19,057 lots. Inventories grew by 20 mt, to 14,265 mt.

LME tin prices moved narrowly around USD 19,500/mt, finally closing at USD 19,474/mt, down USD 25/mt. Shinzo Abe won the majority in the election. US economic data released yesterday including June Chicago Fed National Activity Index and existing home sales in June unexpectedly fell short of expectations, pushing down the US dollar index and supporting base metals prices.

LME tin prices will hover around USD 19,500/mt, and spot prices in Shanghai should be between RMB 136,500-138,500/mt.