SHANGHAI, Jan. 7 (SMM) – LME tin opened at USD 21,599/mt on Monday. The metal sank to USD 21,301/mt before moving higher to USD 21,725/mt on a softer US dollar, closing the day USD 21/mt higher at USD 21,600/mt. Trading volumes contracted 285 lots to 427 lots, while positions added 470 lots to 19,569 lots. LME tin inventories dropped 50 mt to 9,655 mt.
The US Federal Reserve will release the minutes for its December policy meeting. US December non-farm payrolls data are due to be announced on Friday. Caution will rule the market before these key events. LME tin should move between USD 21,300-22,000/mt on Tuesday. Spot tin prices in Shanghai are expected between RMB 138,000-141,500/mt.