SHANGHAI, Jan. 8 (SMM) – LME tin opened at USD 21,622/mt on Tuesday. The metal sank to USD 21,500/mt before creeping higher to USD 21,825/mt on upbeat economic data. Germany’s unemployment rate fell unexpectedly in December, with consumer spending beating forecasts. US trade deficit contracted to a four-year low in November, with exports hitting record high. LME tin finished USD 200/mt higher at USD 21,800/mt. Trading volumes contracted 105 lots to 322 lots, while positions added 370 lots to 19,939 lots. LME tin inventories grew 70 mt to 9,725 mt.
Markets will stay cautious before the Fed releases the minutes of its December policy meeting. LME tin should meet resistance at USD 22,000/mt on Wednesday. Spot tin prices in Shanghai are expected between RMB 139,000-142,000/mt.