SHANGHAI, Apr. 13 (SMM) –LME tin opened at USD 16,600/mt last Friday. The metal touched day’s high of USD 16,680/mt and day’s low of USD 16,540/mt before closing up USD 80/mt at USD 16,640/mt. Trading volumes dropped by 27 lots to 101 lots, with positions up 69 to 20,332. Inventories fell by 50 mt to 9,780 mt. The technical side is negative, so LME tin might fall to USD 16,550-16,750/mt on Monday.
SHFE 1507 tin contract remained weak during last Friday’s night session. Trading volumes fell 1,522 lots to 896 lots, while position rose 56 to 972. The most active contract is expected to fall to RMB 115,000-117,000/mt.
Domestic spot market was flooded with cheap goods last Friday. Mainstream traded prices are expected to drop further to RMB 114,000-117,500/mt on Monday, due to weak demand.