SHANGHAI, Jun. 20 (SMM) – LME tin opened at USD 22,500/mt on Thurday. The metal touched day’s high USD 22,600/mt and day’s low of USD 22,414/mt before closing at USD 22,550/mt, up USD 50/mt. US initial jobless claims for last week were lower than expected, boosting market sentiment. Trading volumes gained 67 lots to 305 lots, with positions down 128 lots to 21,703 lots. Inventories dropped 35 mt to 10,860 mt.
LME tin should test support at USD 22,500/mt on Friday. In Shanghai physical tin market, supply and demand will remain stable, with mainstream traded prices expected between RMB 138,000-140,000/mt.