SHANGHAI, Apr. 7 (SMM) – Crude oil gained about 5%, which should help push LME tin up to USD 16,700-17,200/mt. Many investors opened short positions when SHFE 1507 tin contract moved at RMB 119,000/mt, so the most active contract might fall to RMB 118,000-120,000/mt on Tuesday.
In domestic spot market, trading activity might be brisk as growing supply of cheap goods will boost buying. But the chronic oversupply will prevent prices from rising. Mainstream traded prices are expected between RMB 117,500-120,000/mt.