SHANGHAI, Mar. 5 (SMM) – Russia-Ukraine tensions eased on Tuesday after Russian President Putin ordered troops involved in a military exercise in western Russia to return to base. This fuelled a rally in base metals. LME tin opened at USD 23,184/mt on Tuesday. The metal found day’s high of USD 23,300/mt and day’s low of USD 22,940/mt before closing up USD 173/mt at USD 23,280/mt. Trading volumes were down 113 lots from a day earlier to 348 lots, but positions increased 418 lots to 22,583 lots. Inventories grew 85 mt to 9,170 mt.
The easing of Russia-Ukraine tensions will continue to underpin LME tin prices, with support at USD 22,800/mt. In Shanghai’s physical market, weak demand will prevent prices from rebounding, with prices expected between RMB 140,500-143,500/mt.