SHANGHAI, May 6 (SMM) –LME tin opened at USD 16,000/mt on Tuesday. The metal touched day’s high of USD 16,300/mt and day’s low of USD 15,925/mt before closing up USD 75/mt at USD 16,125/mt. Trading volumes were up 209 lots to 332 lots, and positions were up 377 to 19,761. Inventories were unchanged at 9,070 mt. The price rise was due mainly to a softer US dollar. Today will see the release of HSBC’s China service PMI for April, US ADP employment report. LME tin should move between USD 15,900-16,300/mt on Wednesday.
SHFE 1507 tin contract gained RMB 2,940/mt during Tuesday’s night session. Trading volumes were up 7,818 lots to 20,808 lots, and positions were up 1,764 lots to 8,156 lots. The contract might slip to RMB 118,000-120,500/mt on Wednesday.
In domestic spot market, some investors might sell SHFE tin in favor of cheaper spot tin. This will allow mainstream traded prices to rise to RMB 116,500-118,500/mt.