SHANGHAI, Jun. 3 (SMM) – LME tin prices opened at USD 23,250/mt, with the high end of the price range USD 23,450/mt, and finding support at USD 23,250/mt. Finally, LME tin prices closed at USD 23,375/mt, up USD 135/mt from the previous trading day. Trading volumes decreased by 168 lots, to 156 lots, and total positions decreased by 373 lots to 22,267 lots. Inventories fell by 15 mt, to 10,850 mt.
LME tin prices consolidated last Friday and this Monday. China’s May official PMI for China rose to 50.8, reflecting the manufacturing is expanding, and undermining negative effects from the euro zone manufacturing data. transactions were quiet due to the Chinese Dragon Boat Festival.
LME tin prices will move between USD 23000-23,600/mt today, and spot prices in Shanghai will be between RMB 139,000-141,000/mt.