SHANGHAI, Mar. 13 (SMM) – LME tin opened Wednesday at USD 22,650/mt. The metal found days’ low of USD 22,450/mt and day’s high of USD 23,060/mt, and ended USD 270/mt higher at USD 22,920/mt. Trading volumes added 20 lots from a day earlier to 393 lots, and positions also increased 88 lots to 22,599 lots. Inventories dropped 105 mt to 9,035 mt.
All eyes will be on US initial jobless claims and retail sales data as well as industrial output data from China today. LME tin should meet resistance at USD 23,200/mt and find support at USD 22,500/mt on Thursday. Spot tin prices in Shanghai are expected between RMB 138,000-141,500/mt.