SHANGHAI, Jul. 24 (SMM) – LME tin prices overnight opened at USD 19,376/mt, with the high end of the price range USD 19,550/mt, and finding support at USD 19,376/mt. Finally, LME tin prices closed at USD 19,550/mt, up USD 76/mt. Trading volumes decreased by 94 lots, to 100 lots, and total position decreased by 207 lots, to 18,850 lots. Inventories grew by 35 mt, to 14,300 mt.
LME tin prices overnight moved narrowly around USD 19,500/mt, finally closing at USD 19,550/mt, up USD 76/mt. US economic data released yesterday was below expectations, pushing down the US dollar index and lending support to base metals prices. Asian, European and US stocks markets closed with gains, which also invigorated the market.
LME tin prices will consolidate today, and spot prices in Shanghai should be between RMB 136,000-138,500/mt.