SHANGHAI, May 7 (SMM) –LME tin opened at USD 16,100/mt on Wednesday. The metal touched day’s high of USD 16,400/mt and day’s low of USD 16,050/mt before closing up USD 25/mt at USD 16,150/mt. Trading volumes were down 70 lots to 262 lots, and positions were down 192 to 19,569. Inventories fell 355 mt to 8,715 mt. LME tin should is expected to move between USD 16,000-16,400/mt on Thursday.
SHFE 1507 tin contract gained RMB 4,720/mt on Wednesday, but room for more gains will be limited. The contract should range RMB 122,000-124,000/mt on Thursday.
In domestic spot market, supply will remain tight and some downstream producers will actively replenish stocks. Mainstream traded prices are expected between RMB 119,500-123,500/mt.