SHANGHAI, Apr. 16 (SMM) – LME tin opened at USD 23,330/mt on Tuesday. The metal touched day’s high USD 23,431/mt and day’s low of USD 23,299/mt, closing the day down USD 45/mt at USD 23,300/mt. Tensions between Ukraine and Russia escalated. The growth in China's broad money supply slowed to a 13-year low in March, fueling concerns over cooling economy and turned investors bearish toward China’s Q1 GDP data due for release on Wednesday. Trading volumes gained 97 lots from the previous day to 244 lots, but positions were down 285 lots to 22,892 lots. Inventories grew 15 mt to 9,475 mt.
LME tin should meet resistance at USD 23,600/mt and test support at USD 23,000/mt on Wednesday. In Shanghai physical tin market, prices are expected between RMB 140,000-141,000/mt.