SHANGHAI, Jul. 29 (SMM) – LME tin opened at USD 22,475/mt on Monday. The metal touched day’s high of USD 22,700/mt and day’s low of USD 22,460/mt before closing up USD 244/mt at USD 22,650/mt. Trading volumes gained 200 lots to 386 lots, with positions down 59 lots to 51,942 lots.
Indonesia may post the sharpest decline in its tin exports since January as at least 16 smelters have cut output after police crackdown on illegal mining disrupted ore supplies, the Jakarta Post reported July 26. This news offered solid support to tin prices.
Investors will stay cautious ahead of the release of the Fed’s policy decision and US non-farm payrolls later in the week. LME tin should challenge resistance at USD 22,800/mt on Tuesday. In Shanghai physical tin market, cheaper goods will be nowhere to be found, with mainstream traded prices expected between RMB 140,000-142,000/mt.