SHANGHAI, Mar. 11 (SMM) – China’s first domestic corporate bond default continued to weigh on market sentiment on Monday. LME tin started Monday at USD 23,019/mt. The metal found day’s high of USD 23,049/mt and day’s low of USD 22,825/mt before closing down USD 89/mt at USD 22,901/mt. Trading volumes contracted 53 lots from a day earlier to 297 lots, but positions increased 393 lots to 22,635 lots. Inventories grew 100 mt to 9,205 mt.
The macro front will be quiet today. LME tin should seek support at USD 22,800/mt on Tuesday. Spot tin prices in Shanghai are expected to remain low between RMB 138,000-142,000/mt.