SMM Tin Market Morning Review (2014-2-13)

SHANGHAI, Feb. 13 (SMM) – LME tin opened at USD 22,250/mt on Wednesday. The metal ranged between day’s high of USD 22,500/mt and day’s low of USD 22,223/mt, and closed USD 250/mt higher at USD 22,450/mt. Trading volumes added 205 lots to 385 lots, and positions also increased 107 lots to 18,940 lots. Inventories dropped 25 mt to 8,790 mt. China’s trade data for January cheered investors up, driving base metals prices higher. 

LME tin should challenge resistance at USD 23,000/mt on Thursday. It is said that three smelters in Jiangxi have suspended production for failure to meet environmental protection standards and it is uncertain as to when these idled capacities will come back online. This, combined with rising LME tin overnight, should help push spot tin prices in Shanghai up to RMB 139,000-142,500/mt.