SHANGHAI, Jul. 23 (SMM) – LME tin opened at USD 22,219/mt on Tuesday. The metal touched day’s high USD 22,250/mt and day’s low of USD 22,080/mt before closing down USD 137/mt at USD 22,080/mt. Trading volumes gained 32 lots to 226 lots, with positions down 566 lots to 21,976 lots.
US CPI climbed 0.3% MoM in June, and the country’s existing home sales registered a third straight month of growth in June and hit the highest level since last October. However, these rosy economic data were overshadowed by growing LME tin inventories, dragging tin prices down.
The euro zone’s Consumer Confidence Index for July will be eyed today. LME tin inventories have been growing since this March, with the increase driven mainly by Asia, signaling weak consumption. LME tin is expected to fluctuate between USD 21,800-22,500/mt on Wednesday. In Shanghai physical tin market, mainstream traded prices are likely to stabilize between RMB 138,500-140,000/mt following yesterday’s gains.