SHANGHAI, Oct. 23 (SMM) – LME tin opened at USD 19,450/mt on Wednesday. The metal touched day’s high of USD 19,575/mt and day’s low of USD 19,450/mt before closing up USD 5/mt at USD 19,500/mt. Trading volumes were down 5 lots to 137 lots, with positions down 149 lots to 22,318 lots. Inventories were unchanged 9,155 mt.
Markets are expecting HSBC’s flash China manufacturing PMI for October, due for release today, to be flat with the previous reading. LME tin should test support at USD 19,000/mt and meet resistance at USD 19,700/mt on Thursday. In Shanghai spot tin market, mainstream traded prices are expected between RMB 135,000-137,500/mt.