SHANGHAI, Jul. 29 (SMM) – LME tin prices overnight opened at USD 19,505/mt, with the high end of the price range USD 19,495/mt, and finding support at USD 19,275/mt. Finally, LME tin prices closed at USD 19,460/mt, down USD 2/mt. Trading volumes decreased by 12 lots, to 265 lots, and total position decreased by 138 lots, to 18,871 lots. Inventories grew by 155 mt, to 14,545 mt.
LME tin prices overnight leveled off despite other base metals prices plunged. University of Michigan's July CCI was 85.1, better than the 84.0 expected, and hitting a record high since March 2007.
LME tin prices will consolidate and test support at USD 19,300/mt today, and spot prices in Shanghai should be between RMB 135,000-137,500/mt.