SHANGHAI, May 22 (SMM) –LME tin opened at USD 15,925/mt on Thursday. The metal touched day’s high of USD 15,950/mt and day’s low of USD 15,820/mt before closing down USD 155/mt at USD 15,840/mt. Trading volumes were down 38 lots to 105 lots, and positions were up 33 to 18,731. Inventories fell 130 mt to 8,225 mt. Although the US dollar index snapped three-day winning streak, it might climb back up to 96.5 next week. The euro will take a hit due to the Greece debt issue. LME tin should move between USD 15,600-16,000/mt on Friday. 

 

SHFE 1507 tin contract has found solid support at the 5-day and 20-day moving averages, and KDJ indicator has shown positive signs. As such, the contract might remain strong between RMB 118,500-120,500/mt on Friday.  

 

In domestic spot market, holders of goods from Yunnan will refrain from selling out of bullishness as SHFE tin rose significantly yesterday. Mainstream traded prices are expected between RMB 117,000-119,000/mt.