SHANGHAI, Apr. 11 (SMM) – LME tin opened at USD 23,302/mt on Thursday. The US dollar index ended in negative territory for five days in a row overnight as US initial jobless claims for last week dropped to a 7-year low, injecting rising impetus to tin prices. LME tin ranged between day’s high of USD 23,425/mt and day’s low of USD 23,250/mt before ending USD 105/mt higher at USD 23,405/mt. Trading volumes gained 41 lots from the previous day to 302 lots, and positions were also up 38 lots to 22,347 lots. Inventories grew 20 mt to 9,440 mt.
LME tin should challenge resistance at USD 23,650/mt on Friday. In Shanghai physical tin market, prices are expected between RMB 139,500-140,500/mt.