SHANGHAI, May 21 (SMM) –LME tin opened at USD 15,800/mt on Wednesday. The metal touched day’s high of USD 16,050/mt and day’s low of USD 15,800/mt before closing up USD 15/mt at USD 15,995/mt. Trading volumes were down 101 lots to 143 lots, and positions were down 401 to 18,698. Inventories fell 30 mt to 8,355 mt. Today will see the release of HSBC’s flash China manufacturing PMI for May, US initial jobless claims, the Conference Board’s leading economic indicator, and US existing home sales. LME tin should move between USD 15,800-16,200/mt on Thursday.
SHFE 1507 tin contract will meet strong resistance at moving averages, and is expected to move between RMB 116,500-119,500/mt.
In domestic spot market, supply of goods from Yunnan will be ample. Mainstream traded prices are expected between RMB 116,000-118,000/mt.