SHANGHAI, Mar. 25 (SMM) – LME tin hit an intraday high of USD 22,975/mt after opening at USD 22,810/mt on Monday, and closed USD 170/mt higher at USD 22,970/mt. Trading volumes were off 69 lots from a day earlier to 106 lots, while positions added 178 lots to 22,019 lots. Inventories dropped 5 mt to 9,225 mt.
Disappointing HSBC’s China manufacturing PMI will dampen market sentiment, with LME tin seeking support at USD 22,800/mt and meeting resistance at USD 23,300/mt on Tuesday. In Shanghai physical tin market, tin prices are expected to hold stable between RMB 139,000-141,500/mt.