SMM Tin Market Morning Review (2014-4-29)

SHANGHAI, Apr. 29 (SMM) – LME tin opened at USD 23,725/mt on Monday. The metal found day’s high of USD 23,749/mt and day’s low of USD 23,500/mt before closing down USD 150/mt at USD 23,550/mt. Trading volumes increased 73 lots to 272 lots, but positions were down 181 lots to 22,393 lots. Inventories dropped 605 mt to 8,845 mt.

Investors will stay alert before the release of China’s official manufacturing PMI for April, US non-farm employment report and outcome of Fed’s policy meeting. This will keep LME tin in check, testing support at USD 23,500/mt on Tuesday. In Shanghai physical tin market, prices are expected between RMB 141,500-142,500/mt.