SHANGHAI, Jun. 5 (SMM) – LME tin prices opened at USD 23,275/mt, with the high end of the price range USD 23,335/mt, and finding support at USD 23,105/mt. Finally, LME tin prices closed at USD 23,150/mt, down USD 250/mt from the previous trading day. Trading volumes increased by 187 lots, to 294 lots, and total positions decreased by 35 lots to 22,235 lots. Inventories grew by 130 mt, to 10,915 mt.
US ADP employment data in May and April trade data both fell short of expectations, although euro zone Q1 GDP was in line with market expectations, weighing on the market.
European Central Bank will announce its interest rate decision today, with a high likelihood that the bank will lower its benchmark interest rate. 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.