SHANGHAI, Apr. 15 (SMM) –LME tin opened at USD 16,135/mt on Tuesday. The metal touched day’s high of USD 16,400/mt and day’s low of USD 15,865/mt before closing up USD 250/mt at USD 16,300/mt. Trading volumes fell by 122 lots to 200 lots, with positions down 591 to 19,597. Inventories fell by 25 mt to 9,715 mt. The US dollar lost ground due to disappointing US economic data. Crude oil prices rose. This, plus exit of bears, allowed LME tin to rise. However, market sentiment remains poor, so LME tin should remain weak between USD 16,100-16,500/mt on Wednesday.
SHFE 1507 tin contract gained RMB 1,670/mt to RMB 113,970/mt on Tuesday night, tracking LME tin. Trading volumes dropped 2,740 lots to 2,848 lots, while positions down to 1,692. The most active contract lacks sustainable upward momentum, with prices expected between RMB 112,500-116,500/mt on Wednesday.
In domestic spot market, trading activity is expected to pick up today. Mainstream traded prices should stabilize between RMB 112,500-116,500/mt.