SHANGHAI, May 13 (SMM) –LME tin opened at USD 15,800/mt on Tuesday. The metal touched day’s high of USD 15,950/mt and day’s low of USD 15,700/mt before closing up USD 170/mt at USD 15,900/mt. Trading volumes were down 92 lots to 83 lots, and positions were up 39 to 19,320. Inventories were fell 125 mt to 8,590 mt. The US dollar softened due to dovish remarks by a US Fed official. Crude oil gained 3% as the OPEC raised forecast for petroleum demand this year. Both factors allowed LME tin to rebound. LME tin is expected to move between USD 15,700-16,200/mt on Wednesday.
SHFE 1507 tin contract ended down RMB 1,700/mt at RMB 119,970/mt on Tuesday. Trading volumes were up 3,418 lots to 17,242 lots, and positions were down 78 to 7,502. However, the contract recovered RMB 120,000/mt mark during Tuesday’s night session. The contract is expected to hover around RMB 120,000/mt on Wednesday.
In domestic spot market, supply of cheap goods will be tight, while supply of goods from Yunnan will be ample. Mainstream traded prices are expected between RMB 119,000-121,000/mt.