SHANGHAI, Mar. 10 (SMM) – China experienced its first domestic bond default in recent history last Friday as Shanghai Chaori Solar failed to pay out interest on a security it sold two years ago, dampening market sentiment and sending tin prices down. LME tin started last Friday at USD 23,221/mt. The metal found day’s high of USD 23,350/mt and day’s low of USD 22,765/mt before closing down USD 310/mt at USD 22,990/mt. Trading volumes added 199 lots from a day earlier to 350 lots, but positions decreased 364 lots to 22,242 lots. Inventories dropped 20 mt to 9,105 mt.
LME tin should seek support at USD 22,800/mt on Monday. In Shanghai’s physical market, prices are expected to fall to RMB 140,500-143,000/mt.