SHANGHAI, Oct. 21 (SMM) – LME tin opened at USD 19,350/mt on Monday. The metal touched day’s high of USD 19,494/mt and day’s low of USD 19,250/mt before closing up USD 100/mt at USD 19,450/mt. Trading volumes were down 69 lots to 198 lots, with positions down 124 lots to 22,600 lots. Inventories decreased 25 mt to 9,155 mt. The price rise was driven by positive US economic data and rumors that the People’s Bank of China (PBOC) plans to inject RMB 200 billion into the market.
LME tin should test support at USD 19,000/mt on Tuesday. In Shanghai spot tin market, stable supply and demand should keep mainstream traded prices steady between RMB 135,500-138,000/mt.