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SMM Tin Market Morning Review (2015-4-24)
Apr 24,2015 09:17CST
price review forecast
Source:SMM
LME tin opened at USD 15,680/mt on Thursday.

 

SHANGHAI, Apr. 24 (SMM) –LME tin opened at USD 15,680/mt on Thursday. The metal touched day’s high of USD 15,725/mt and day’s low of USD 15,450/mt before closing down USD 230/mt at USD 15,450/mt. Trading volumes were down 137 lots to 165 lots, and positions were up 212 to 20,847. Inventories were unchanged at 9,375 mt. HSBC’s flash China manufacturing PMI was 49.2 in April, missing expectations for 49.4. Negative US economic data sent the US dollar index down to 97.3. But a softer greenback did not push LME tin up. US durable goods orders due for release tonight should be strong, which will favor the US dollar. LME tin should find resistance at USD 15,632/mt and test support at USD 15,346/mt on Friday.
 
On Thursday night, SHFE 1507 tin contract rose to RMB 113,800/mt. Trading volumes were down 2,248 lots to 1,062 lots during the night session, and positions were up 94 to 2,562. Sentiment is improving in spot market, encouraging investors to open long positions on the SHFE. The most active SHFE tin contract should range RMB 113,000-114,500/mt on Friday.
 
In domestic spot market, goods from Yunnan will gain favor. Trading activity will pick up since sentiment is improving. Mainstream traded prices are expected between RMB 111,500-113,500/mt. 
 
 
 
 
LME tin prices
Shanghai tin prices

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