SHANGHAI, Apr. 8 (SMM) –LME tin opened at USD 16,700/mt on Tuesday. The metal touched day’s high of USD 16,800/mt and day’s low of USD 16,585/mt before closing up USD 15/mt at USD 16,740/mt. Trading volumes dropped by 53 lots to 141 lots, but positions were up 298 to 20,345. Inventories fell by 60 mt to 9,588 mt. The price rise was largely the result of rising crude oil. A stronger greenback and rising crude oil should keep LME tin trapped between USD 16,500-18,500/mt on Wednesday.
SHFE 1507 tin contract is expected to drop slightly to RMB 117,000-119,000/mt on Wednesday due to the entry of bears yesterday.
In domestic spot market, trading will remain thin, with mainstream traded prices expected between RMB 117,000-119,500/mt.