SHANGHAI, Apr. 9 (SMM) – LME tin opened at USD 23,195/mt on Tuesday. The metal ranged between day’s high of USD 23,300/mt and day’s low of USD 23,136/mt before ending USD 5/mt lower at USD 23,195/mt. Trading volumes added 87 lots to 268 lots, and positions were also up 100 lots to 22,405 lots. Inventories dropped 75 mt to 9,420 mt.
China announced pro-growth policies last week, such as preferential tax policy for small firms and acceleration in railway construction. However, it remains to be seen whether China will introduce more stimulus measures. Markets are still worried about a slowdown in the world’s second largest economy.
LME tin should continue to meet resistance at USD 23,400/mt on Wednesday. In Shanghai physical tin market, prices are expected between RMB 138,000-139,500/mt.