SMM Tin Market Morning Review (2014-4-17)

SHANGHAI, Apr. 17 (SMM) – LME tin opened at USD 23,326/mt on Wednesday. The metal touched day’s high USD 23,600/mt and day’s low of USD 23,305/mt, closing the day up USD 199/mt at USD 23,499/mt. China’s GDP grew 7.4% YoY in Q1, better than expected and offering upward momentum to tin prices. Trading volumes gained 214 lots from the previous day to 458 lots, but positions were down 429 lots to 22,463 lots. Inventories grew 55 mt to 9,530 mt.                     

LME tin should test resistance at USD 23,600/mt on Thursday. In Shanghai physical tin market, downstream demand will remain tepid, with prices expected between RMB 139,500-141,000/mt.