SHANGHAI, Aug. 18 (SMM) – LME tin opened at USD 22,425/mt last Friday. The metal touched day’s high of USD 22,468/mt and day’s low of USD 22,375/mt before closing up USD 47/mt at USD 22,450/mt. Trading volumes were down 65 lots to 124 lots, with positions up 370 lots to 23,603 lots. Inventories grew 15 mt to 12,790 mt.
The US offered a mixed bag of economic data. Industrial production beat expectations in July. However, New York Fed’s Manufacturing Index for August dropped. The Thomson Reuters/University of Michigan's preliminary reading on consumer sentiment index fell in August. Mixed economic indicators kept LME tin prices in check.
LME tin prices will come under downward pressure from weak Chinese and European economic data and political turmoil, with prices expected between USD 22,300-22,800/mt on Monday. In Shanghai physical tin market, mainstream traded prices are likely to rise to RMB 140,500-142,500/mt.