SHANGHAI, May 11 (SMM) –LME tin opened at USD 16,100/mt last Friday. The metal touched day’s high of USD 16,150/mt and day’s low of USD 15,835/mt before closing down USD 25/mt at USD 16,000/mt. Trading volumes were up 38 lots to 170 lots, and positions were down 47 to 19,543. Inventories were unchanged at 8,790 mt. The PBOC announced this past weekend to cut benchmark deposit rate by 25 basis points to 2.25% and to lower benchmark lending rate by 25 basis points to 5.10%. But some of the positive impact from this cut might have been digested. LME tin is expected to move between USD 15,800-16,400/mt on Monday.
SHFE 1507 tin contract is expected to move between RMB 120,500-123,000/mt on Monday.
In domestic spot market, demand will slow down, with mainstream traded prices expected between RMB 119,000-123,000/mt.