SHANGHAI, Apr. 30 (SMM) – LME tin opened at USD 23,540/mt on Tuesday. The metal found day’s high of USD 23,600/mt and day’s low of USD 23,050/mt before closing down USD 395/mt at USD 23,155/mt. Trading volumes increased 264 lots to 536 lots, but positions were down 334 lots to 22,059 lots. Inventories grew 535 mt to 9,380 mt.
Caution will rule the market before the release of China’s official manufacturing PMI for April and outcome of Fed’s policy meeting. LME tin should test support at USD 23,000/mt on Wednesday. In Shanghai physical tin market, prices are expected to follow LME tin down to RMB 140,500-142,000/mt.