SHANGHAI, Jul. 14 (SMM) – LME tin opened at USD 22,116/mt last Friday. The metal touched day’s high USD 22,344/mt and day’s low of USD 21,865/mt before closing up USD 97/mt at USD 22,147/mt. Trading volumes increased 86 lots to 487 lots, with positions up 10 lots to 22,411 lots. Inventories grew 30 mt to 11,575 mt.
This week will see the release of China’s Q2 GDP data, the euro zone’s inflation data, as well as Fed Chair Yellen’s testimony. LME tin should test support at USD 21,800/mt and meet resistance at USD 22,500/mt on Monday. In Shanghai physical tin market, mainstream traded prices are expected between RMB 138,000-140,000/mt.