SHANGHAI, Apr. 17 (SMM) –LME tin plunged USD 1,000/mt to USD 14,800/mt at the tail of Thursday’s European session. A softer greenback and rising crude oil offered no support to LME tin. The price slump was mainly the result of massive entry of bears. LME tin is expected to face correction on Friday after sharp losses overnight, with prices expected between USD 14,400-14,800/mt .
SHFE 1507 tin contract lost RMB 2,100/mt on Thursday night, tracking LME tin. Trading volumes increased 1,572 lots to 5,438 lots, with positions up 1,066 to 3,028. The most active contract is expected to move between RMB 109,000-111,000/mt on Friday.
In domestic spot market, mainstream traded prices are likely to drop to RMB 110,500-114,000/mt on Friday. Lower prices might lure some buyers in.