SHANGHAI, Apr. 2 (SMM) – LME tin opened at USD 16,605/mt on Wednesday. The metal touched day’s high of USD 16,645/mt and day’s low of USD 16,395/mt before closing down USD 20/mt at USD 16,550/mt. Trading volumes decreased 39 lots to 319 lots, with positions off 139 to 20,021. Inventories were unchanged at 9,930 mt. LME tin dived early in the day due to a strong US dollar, but recovered losses later as crude oil rallied. Markets are pessimistic over US non-farm payrolls due for release on Friday. LME tin should move between USD 16,400-16,650/mt on Thursday.
SHFE 1507 tin contract rose to RMB 119,000/mt during Wednesday’s night session as rising crude oil encouraged bulls to enter, but then fell back as bears jumped in. The most active contract should move between RMB 117,500-119,500/mt on Thursday. In domestic spot market, smelters will sit on their inventories out of optimism, while downstream demand will remain weak, with prices expected between RMB 117,500-120,000/mt.