SHANGHAI, Oct. 15 (SMM) – LME tin opened at USD 20,250/mt on Tuesday. The metal touched day’s high of USD 20,300/mt and day’s low of USD 19,650/mt before closing down USD 501/mt at USD 19,650/mt. Trading volumes were up 448 lots to 605 lots, with positions down 770 lots to 21,491 lots. Inventories decreased 65 mt to 9,050 mt. Global supply surplus and weak demand were the major reasons behind the dramatic decline in LME tin prices. Market players project further fall in tin prices due to poor orders at solder manufacturers in Q4.
China’s CPI and PPI data for September are due for release today. LME tin should fall below USD 20,000/mt on Wednesday due to poor market fundamentals. In Shanghai spot tin market, prices may follow LME tin down to RMB 136,500-138,500/mt