SHANGHAI, Mar. 2 (SMM) – LME tin started at USD 18,030/mt and then moved between USD 17,600-18,100/mt before ending down USD 55/mt at USD 17,995/mt last Friday. Trading volumes for three-month tin on the London Metal Exchange gained 213 lots to 380 lots, while positions added 106 to 20,570. LME tin inventories shed 25 mt to 10,880 mt last Friday.
The People’s Bank of China’s refreshed rate cut over the weekend points to soft market fundamentals despite some boost from this move. China’s manufacturing PMI remained below the 50 mark after recovering slightly in February. With a series of economic indicators from the US and the euro zone, LME tin is expected to move at USD 17,800-18,200/mt, while spot tin prices in China should hover steady between RMB 124,500-127,500/mt on Monday.