SHANGHAI, Apr. 29 (SMM) –LME tin opened at USD 16,250/mt on Tuesday. The metal touched day’s high of USD 16,390/mt and day’s low of USD 15,605/mt before closing down USD 290/mt at USD 15,900/mt. Trading volumes were down 32 lots to 303 lots, and positions were up 61 to 20,336. Inventories were down 175 mt to 9,195 mt. The price rise was driven mainly by a softer US dollar. US Q1 GDP and EIA crude oil inventories will bear close watching today. LME tin should move between USD 15,700-16,500/mt on Wednesday.
On Tuesday night, SHFE 1507 tin contract opened at RMB 117,140/mt and closed at RMB 116,980/mt. Trading volumes were down 25,326 lots to 6,654 lots, and positions were up 228 to 4,680. The most active contract should hover around RMB 117,000/mt on Wednesday
In domestic spot market, tight supply will push mainstream traded prices up to RMB 115,500-117,000/mt.