SHANGHAI, Apr. 14 (SMM) –LME tin opened at USD 16,670/mt on Monday. The metal touched day’s high of USD 16,725/mt and day’s low of USD 16,010/mt before closing down USD 590/mt at USD 16,050/mt. Trading volumes rose by 221 lots to 322 lots, with positions down 144 to 20,188. Inventories fell by 35 mt to 9,745 mt. Depressed China trade data for March rekindled worries over demand in the world’s second largest economy. The US dollar closed with gains on US Fed official’s hawkish speech. LME tin fell as a consequence. LME tin might correct upwardly following sharp losses yesterday, with prices expected between USD 16,000-16,400/mt on Tuesday.
SHFE 1507 tin contract plummeted RMB 2,050/mt to RMB 113,890/mt on Monday night, tracking tumbling LME tin. Trading volumes rose 206 lots to 1,834 lots, while position rose 416 to 1,424. The most active contract is expected to rally to RMB 114,000-116,000/mt on Tuesday.
In domestic spot market, mainstream traded prices are expected to drop further to RMB 113,000-116,500/mt on Tuesday, due to ample supply and panic triggered by falling futures prices.