SHANGHAI, Mar. 26 (SMM) – LME tin advanced to USD 23,300/mt after opening at USD 22,974/mt on Tuesday. The metal, however, wiped out most of its previous gains later in the day to close up a mere USD 2/mt at USD 22,972/mt. Trading volumes gained 227 lots from a day earlier to 333 lots, while positions shrank 2 lots to 22,017 lots. Inventories dropped 30 mt to 9,395 mt.
US durable goods orders for February will be in focus today. Expectations are running high that China will roll out stimulus packages to keep the economy running at a rational level. LME tin should hover around USD 23,000/mt on Wednesday. In Shanghai physical tin market, prices are expected between RMB 139,000-141,000/mt.