SHANGHAI, Aug. 20 (SMM) – LME tin opened at USD 22,400/mt on Tuesday. The metal touched day’s high of USD 22,450/mt and day’s low of USD 22,375/mt before closing up USD 24/mt at USD 22,400/mt. Trading volumes were down 24 lots to 109 lots, with positions also down 598 lots to 22,852 lots. Inventories increased 210 mt to 12,910 mt.
Caution before the release of the minutes of the US Fed’s latest policy meeting and a strong US dollar will pressure LME tin prices, which will test support at USD 22,300/mt on Wednesday. In Shanghai physical tin market, mainstream traded prices are expected to hold stable between RMB 140,500-142,000/mt.
