SHANGHAI, Jul. 26 (SMM) – LME tin prices overnight opened at USD 19,505/mt, with the high end of the price range USD 19,556/mt, and finding support at USD 19,250/mt. Finally, LME tin prices closed at USD 19,462/mt, down USD 39/mt. Trading volumes increased by 41 lots, to 277 lots, and total position increased by 134 lots, to 19,909 lots. Inventories grew by 75 mt, to 14,390 mt.
LME tin prices overnight pulled down to USD 19,250/mt Asian trading hours as HSBC'S July PMI for China hit a record low, which triggered concerns over Chinese economy. Due to upbeat US June durable goods orders and positive jobless claims last week as well as EU industry growth, LME tin prices rallied and closed the day down USD 39/mt.
LME tin prices have yet to break through the 20-day moving average, and are expected to fall in the near term, and spot prices in Shanghai should be between RMB 135,500-138,000/mt.