SHANGHAI, Apr. 28 (SMM) –LME tin opened at USD 15,825/mt on Monday. The metal touched day’s high of USD 16,250/mt and day’s low of USD 15,820/mt before closing up USD 440/mt at USD 16,190/mt. Trading volumes were up 147 lots to 335 lots, and positions were down 179 to 20,275. Inventories were down 5 mt to 9,370 mt. The price rise was driven mainly by exit of bears, and partly due to a softer US dollar. S&P/CS20 home price index for February and the Conference Board’s consumer confidence index for April will be eyed today. A softer US dollar will allow LME tin to remain strong between USD 16,000-16,400/mt on Tuesday.
SHFE 1507 tin contract rose sharply on Monday, and should move between RMB 115,000-117,000/mt on Tuesday.
In domestic spot market, cargo holders will withhold goods, while downstream buyers will be active in the market. Mainstream traded prices are expected between RMB 113,000-116,000/mt.