SHANGHAI, Apr. 10 (SMM) – LME tin opened at USD 23,227/mt on Wednesday. The metal ranged between day’s high of USD 23,310/mt and day’s low of USD 23,205/mt before ending USD 105/mt higher at USD 23,300/mt. The minutes of the US Fed’s policy meeting indicated the Fed’s dovish tone, favoring LME tin prices. Trading volumes were off 7 lots to 261 lots, and positions were also down 96 lots to 22,309 lots. Inventories were unchanged at 9,420 mt.
China will announce its foreign trade data today. LME tin should continue to test resistance at USD 23,400/mt on Thursday. In Shanghai physical tin market, prices are expected to follow LME tin up to RMB 138,500-140,000/mt.