SHANGHAI, Apr. 24 (SMM) – On Friday, SHFE 1507 tin contract opened at RMB 113,350/mt. The most active contract touched day’s high of 113,950/mt and day’s low of RMB 112,750/mt before ending up RMB 640/mt at RMB 113,940/mt. Trading volumes were down 2,088 lots to 3,310 lots, and positions were up 58 to 2,526.
Indonesia’s large tin smelter PT Refind Bangka Tin announced that it will cut output to 420 mt in April and 200 mt or even less in May. Timah also announced production cuts earlier. However, this news has yet to give a boost to tin prices.