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SMM Tin Market Morning Review (2014-8-5)
Aug 5, 2014 09:16Source:SMM
LME tin opened at USD 22,450/mt on Monday.
SHANGHAI, Aug. 5 (SMM) – LME tin opened at USD 22,450/mt on Monday. The metal touched day’s high of USD 22,500/mt and day’s low of USD 22,300/mt before closing up USD 50/mt at USD 22,500/mt. The price rise was largely the result of a weaker greenback. Trading volumes decreased 403 lots to 196 lots, with positions up 168 lots to 23,197 lots.
HSBC’s composite PMI for China in July will be released today. LME tin is likely to fluctuate between USD 22,300-22,800/mt on Tuesday. In Shanghai physical tin market, both supply and demand will be weak, with mainstream traded prices expected between RMB 140,000-142,000/mt.
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