SHANGHAI, Aug. 6 (SMM) – LME tin opened at USD 22,400/mt on Tuesday. The metal touched day’s high of USD 22,518/mt and day’s low of USD 22,370/mt before closing down USD 95/mt at USD 22,405/mt. Trading volumes were down 53 lots to 143 lots, with positions also down 106 lots to 23,091 lots.
China’s service PMI, compiled by HSBC/Markit, fell to 50.0 in July, the lowest reading since November 2005, suggesting still fragile recovery in the broader economy. The downbeat data was partly blamed for the decline in LME tin prices.
US trade data for June are scheduled for release today. LME tin is likely to fluctuate weakly, testing support at USD 22,300/mt on Wednesday. In Shanghai physical tin market, soft demand will keep mainstream traded prices in check within RMB 140,000-142,000/mt.