SHANGHAI, May 15 (SMM) –LME tin opened at USD 15,705/mt on Thursday. The metal touched day’s high of USD 15,900/mt and day’s low of USD 15,700/mt before closing down USD 45/mt at USD 15,755/mt. Trading volumes were up 40 lots to 222 lots, and positions were up 11 to 19,363. Inventories fell 45 mt to 8,545 mt. The US dollar index fell overnight as depressed economic data meant that the US Fed might delay interest rate hike. Crude oil gains on growing tensions in the Gulf region. However, technical side is negative, so LME tin might consolidate between USD 15,600-16,000/mt on Friday.
SHFE 1507 tin contract is expected to move between RMB 118,000-120,500/mt.
In domestic spot market, trading will remain thin, and mainstream traded prices are expected between RMB 118,000-120,500/mt.