SHANGHAI, Mar. 4 (SMM) – Better-than-expected US ISM manufacturing PMI in February was overshadowed by escalation in tensions in Ukraine and disappointing Chinese manufacturing PMI, sending tin prices down. LME tin tumbled to USD 22,950/mt after opening Monday at USD 23,300/mt, and ended down USD 343/mt at USD 23,107/mt. Trading volumes were up 130 lots from a day earlier to 461 lots, and positions also increased 150 lots to 22,165 lots. Inventories grew 1,020 mt to 9,085 mt.
Unrest in Ukraine and downbeat Chinese manufacturing data will continue to sour market sentiment. LME tin should test support at USD 22,800/mt on Tuesday. In Shanghai’s physical market, limited supply will keep prices firm between RMB 141,000-143,500/mt.