SHANGHAI, Jul. 30 (SMM) – LME tin prices overnight opened at USD 19,465/mt, with the high end of the price range USD 19,971/mt, and finding support at USD 19,300/mt. Finally, LME tin prices closed at USD 19,701/mt, up USD 241/mt. Trading volumes increased by 153 lots, to 418 lots, and total position increased by 102 lots, to 18,973 lots. Inventories leveled at 14,545 mt.
Base metals prices were weighed down as Chinese government expressed local government debt will be audited this week, which spurred apprehension over China's demand. But European and US markets turned their attention to the Federal Reserve's rate decision this Wednesday and non-farm employment report this Friday.
LME tin prices will continue to test USD 20,000/mt, and spot prices in Shanghai should be between RMB 135,000-137,500/mt.