SHANGHAI, Apr. 28 (SMM) – LME tin opened at USD 23,700/mt last Friday. The metal found day’s high of USD 23,760/mt and day’s low of USD 23,580/mt before closing down USD 50/mt at USD 23,700/mt. Escalation of the Ukraine crisis curbed risk appetite, sending LME tin prices down. Trading volumes dropped 78 lots from the previous day to 199 lots, and positions were also down 66 lots to 22,574 lots. Inventories grew 5 mt to 9,450 mt.
The macro front will be quiet today. LME tin should test resistance at USD 24,000/mt and seek support at USD 23,500/mt on Monday. In Shanghai physical tin market, prices are expected to move higher to RMB 141,500-142,500/mt.