SHANGHAI, Apr. 25 (SMM) – LME tin opened at USD 23,750/mt on Thursday. The metal found day’s high of USD 23,849/mt and day’s low of USD 23,680/mt before closing up USD 25/mt at USD 23,750/mt. US durable goods orders for March rose, a sign that the economy is recovering from harsh winter cold, driving LME tin up. Trading volumes dropped 68 lots from the previous day to 277 lots, but positions were up 310 lots to 22,640 lots. Inventories grew 30 mt to 9,445 mt.
The University of Michigan preliminary Consumer Sentiment Index for April is eyed today. LME tin should test resistance at USD 24,000/mt and find support at USD 23,500/mt on Friday. In Shanghai physical tin market, supply of cheap goods will fall, but demand will remain tepid, leaving prices at RMB 140,500-142,000/mt.