SHANGHAI, Apr. 21 (SMM) –LME tin opened at USD 14,850/mt on Monday. The metal touched day’s high of USD 15,230/mt and day’s low of USD 14,500/mt before closing down USD 420/mt at USD 14,810/mt. Trading volumes fell by 836 lots to 459 lots, with positions up 425 to 20,587. Inventories were unchanged at 9,655 mt. The euro softened due to the debt crisis. Market reaction to China’s RRR cuts was mild. The price decline was due mainly to negative technical side. LME tin should test support at USD 14,500/mt on Tuesday.
SHFE 1507 tin contract vacillated between RMB 111,000-111,700/mt during Monday’s night session. Trading volumes fell by 8,260 lots to 2,258 lots, with positions up 130. The most active contract should move between RMB 110,500-113,000/mt on Tuesday.
Nanshan brand tin will flow into Shanghai spot market. Trading activity will be active at the lower end of the price range. Mainstream traded prices are expected between RMB 110,500-114,000/mt.