SMM Tin Market Morning Review (2014-8-4)

SHANGHAI, Aug. 4 (SMM) – LME tin opened at USD 22,750/mt last Friday. The metal touched day’s high of USD 22,780/mt and day’s low of USD 22,300/mt before closing down USD 344/mt at USD 22,450/mt. Trading volumes increased 106 lots to 599 lots, with positions also up 414 lots to 23,029 lots. 

 

Disappointing US employment data weighted LME tin prices down. 209,000 jobs were added in US non-farm sector in July, slightly below expectations for 230,000 jobs. What’s worse, jobless rate rose unexpectedly to 6.2% from 6.1%.  

 

 In the absence of major economic data, LME tin should fluctuate weakly, testing support at USD 22,300/mt on Monday. In Shanghai physical tin market, falling LME tin last Friday are expected to send mainstream traded prices down to RMB 140,500-142,000/mt.