SHANGHAI, Jul. 25 (SMM) – LME tin prices overnight opened at USD 19,405/mt, with the high end of the price range USD 19,689/mt, and finding support at USD 19,405/mt. Finally, LME tin prices closed at USD 19,501/mt, down USD 49/mt. Trading volumes increased by 136 lots, to 236 lots, and total position increased by 25 lots, to 18,875 lots. Inventories grew by 15 mt, to 14,315 mt.
LME tin prices overnight experienced corrections at low levels during Asian trading hours, but once soared to the 30-day moving average due to better-than-forecast economic data from Europe and US, falling to close at USD 19,501/mt, down USD 49/mt. upbeat US June new home sales data drove up the US dollar index, and better-than-forecast PMIs from US, France, Germany and Euro zone inspired market sentiment. But disappointing HSBC's July manufacturing PMI for China caused market apprehension to grow.
LME tin prices will hover around USD 19,500/mt today, and spot prices in Shanghai should be between RMB 135,500-138,000/mt.