SHANGHAI, Apr. 3 (SMM) – LME tin opened at USD 16,495/mt on Thursday. The metal touched day’s high of USD 16,750/mt and day’s low of USD 16,495/mt before closing up USD 175/mt at USD 16,725/mt. Trading volumes dropped by 125 lots to 194 lots, but positions were up 26 to 20,047. Inventories fell by 15 mt to 9,915 mt. The US dollar softened, due to negative US ADP employment report released earlier and pessimism over forthcoming US non-farm payrolls. This allowed LME tin to rise. The LME is closed today for the Good Friday.
SHFE 1507 tin contract dropped to RMB 118,120/mt on Thursday as investors took profits at highs. The most active contract should inch up to RMB 118,000-120,000/mt on Friday.
In domestic spot market, raw material building before the Tomb Sweeping holiday should help push mainstream traded prices up to RMB 118,000-120,000/mt.