SMM Tin Market Morning Review (2014-6-11)

SHANGHAI, Jun. 11 (SMM) – LME tin opened at USD 23,200/mt on Tuesday. The metal touched day’s high USD 23,200/mt and day’s low of USD 22,865/mt, and closed down USD 170/mt at USD 23,000/mt. Trading volumes gained 218 lots from the previous day to 366 lots, but positions were down 150 lots to 22,009 lots. Inventories dropped 25 mt to 10,770 mt.    

LME tin should test support at USD 22,700/mt on Wednesday. In Shanghai physical tin market, falling LME tin prices will dampen buying interest, but suppliers will refrain from selling at lower prices, leaving mainstream traded prices little changed between RMB 139,000-140,500/mt.