SMM Tin Market Morning Review (2015-5-22)

Published: May 22, 2015 09:33

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LME tin opened at USD 15,925/mt on Thursday.

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.

LME tin prices Shanghai tin prices

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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