SHANGHAI, May 8 (SMM) –LME tin opened at USD 16,200/mt on Thursday. The metal touched day’s high of USD 16,200/mt and day’s low of USD 15,945/mt before closing down USD 125/mt at USD 16,025/mt. Trading volumes were down 130 lots to 132 lots, and positions were up 21 to 19,590. Inventories increased 75 mt to 8,790 mt. The US dollar index rose as US initial jobless claims cheered market up, sending LME tin down. LME tin is expected to rise slightly to USD 15,900-16,400/mt on Friday.
SHFE 1507 tin contract ended down RMB 1,370/mt at RMB 122,030/mt on Thursday. Trading volumes were up 18,936 lots to 51,604 lots, and positions were down 994 to 7,606. But the contract has found solid support at the 5-day moving averages, and is expected to inch up to RMB 120,000-124,000/mt on Friday.
In domestic spot market, buying will be tepid, with mainstream traded prices expected between RMB 119,000-121,500/mt.