SHANGHAI, Apr. 22 (SMM) –LME tin opened at USD 14,920/mt on Tuesday. The metal touched day’s high of USD 15,560/mt and day’s low of USD 14,905/mt before closing up USD 750/mt at USD 15,560/mt. Trading volumes rose by 43 lots to 502 lots, with positions up 293 to 20,880. Inventories fell 230 mt to 9,425 mt. With the technical side being positive, LME tin should challenge resistance at the 10-day moving average and move between USD 15,200-15,850/mt on Wednesday.
On Tuesday night, SHFE 1507 tin contract opened at RMB 111,840/mt. Trading volumes totaled 3,434 lots during the night session, with positions up 308 to 2,964. The most active contract should move between RMB 112,000-114,000/mt on Wednesday.
In domestic spot market, trading activity will pick up since rising LME tin overnight will boost market sentiment. Mainstream traded prices are expected between RMB 110,000-113,000/mt.