SHANGHAI, Jul. 28 (SMM) – LME tin opened at USD 22,257/mt last Friday. The metal touched day’s high of USD 22,469/mt and day’s low of USD 22,245/mt before closing down USD 18/mt at USD 22,406/mt. Trading volumes contracted 136 lots to 186 lots, with positions up 47 lots to 22,001 lots.
Economic data released last Friday were mixed. US durable goods orders in June beat forecasts, but Germany’s IFO Business Climate Index in July was disappointing. Soft global tin consumption weighed on tin prices.
Market attention will focus on US manufacturing PMI for July. LME tin should continue to fluctuate in range-bound territory until major economic data are announced, with resistance at USD 22,500/mt on Monday. In Shanghai physical tin market, some producers may become eager to sell against month-end liquidity crunch, with mainstream traded prices expected between RMB 139,500-141,000/mt.