SHANGHAI, Jun. 4 (SMM) – LME tin prices opened at USD 23,285/mt, with the high end of the price range USD 23,400/mt, and finding support at USD 23,240/mt. Finally, LME tin prices closed at USD 23,400/mt, up USD 25/mt from the previous trading day. Trading volumes decreased by 49 lots, to 107 lots, and total positions increased by 3 lots to 22,270 lots. Inventories fell by 65 mt, to 10,785 mt.
US April factory orders released overnight rose for three consecutive months, pointing to strengthening manufacturing. Euro zone May CCI was lower than expected, causing speculations that the ECB will loosen its monetary policies to grow.
Euro zone will announce its PMIs and Q1 GDP today. LME tin prices will move between USD 23,000-23,600/mt today, and spot prices in Shanghai will be between RMB 139,000-141,000/mt.