SHANGHAI, Feb. 12 (SMM) – LME tin opened at USD 22,114/mt on Tuesday. The metal ranged between day’s high of USD 22,275/mt and day’s low of USD 22,114/mt, and closed USD 94/mt higher at USD 22,200/mt. Trading volumes added 61 lots to 180 lots, and positions also increased 16 lots to 18,833 lots. Inventories dropped 125 mt to 8,815 mt.

Fed Chairwoman Janet Yellen said during her congressional testimony that the US Federal Reserve will likely continue to trim its asset-purchasing program due to a general pickup in economic activity. Her remarks gave a brief lift to the US dollar index, but market reaction was mild. Indonesia’s refined tin exports dropped to 4,613 mt, 66% off the peak in December and down 50% YoY. 

China’s foreign trade data for January are eyed today. LME tin should continue to meet resistance at the upper side. Low supply and demand in China’s physical market will leave spot tin prices at RMB 138,500-142,000/mt.