SHANGHAI, Aug. 28 (SMM) – LME tin opened at USD 22,069/mt on Wednesday. The metal touched day’s high of USD 22,069/mt and day’s low of USD 21,650/mt before closing down USD 150/mt at USD 21,900/mt. Poor global tin market fundamentals and technical correction dragged LME tin prices down. Trading volumes were up 345 lots to 728 lots, with positions down 560 lots to 21,643 lots. Inventories dropped 250 mt to 12,985 mt.
US Q2 GDP and consumer price index are due to be released today. Markets are optimistic over US GDP growth in Q2. LME tin remains under downward pressure, and should test support at USD 21,800/mt on Thursday. Weak LME tin prices may send mainstream traded prices in Shanghai spot tin market down to RMB 139,000-141,500/mt.