SHANGHAI, Apr. 23 (SMM) – LME opened at USD 23,400/mt on Tuesday. The metal found day’s high of USD 23,667/mt and day’s low of USD 23,251/mt before closing up USD 214/mt at USD 23,564/mt. Trading volumes gained 71 lots from the previous day to 449 lots, and positions were also up 110 lots to 22,476 lots. Inventories were unchanged at 9,515 mt.
The euro zone’s Consumer Confidence Index for April and US housing data released overnight beat expectations. The People’s Bank of China (PBOC) announced yesterday that it will cut the reserve requirement ratio (RRR) for county-level rural commercial banks and rural credit cooperative unions, boosting market sentiment. These positive news drove LME tin prices up.
HSBC will release flash China manufacturing PMI for April today, and markets are expecting the reading to come in at 48.3. LME tin should test resistance at USD 23,600/mt on Wednesday. In Shanghai physical tin market, prices are expected between RMB 140,000-141,500/mt.