SHANGHAI, Dec. 17 (SMM) – LME tin opened at USD 22,800/mt on Monday. HSBC’s flash China manufacturing PMI for December came in at 50.5, down from November’s final reading, but did stay above 50 for five months in a row. This helped push LME tin up to USD 22,850/mt during the Asian trading session. LME tin, however, fell back to USD 22,651/mt during the European trading hours before closing up USD 28/mt at USD 22,798/mt. Trading volumes added 33 lots to 197 lots, and positions also increased 25 lots to 21,087 lots. LME tin inventories dropped 55 mt to 10,315 mt.
Investors are eyeing inflation data in the UK and US, as well as Germany’s economic sentiment index today. LME tin will be range-bound on Tuesday, finding support at USD 22,400/mt and meeting resistance at USD 22,900/mt. In China’s spot tin markets, tin prices are expected between RMB 139,500-142,000/mt.