SHANGHAI, May 27 (SMM) –LME tin dropped by USD 380/mt on Tuesday and lost support at USD 15,600/mt, due to entry of shorts. The US dollar index rose 1% as positive US economic data reinforced fears of interest rate hike. The US dollar will remain firm in the near term, which will leave LME tin testing support at USD 15,000/mt on Wednesday.
SHFE 1507 tin contract is expected to move between RMB 115,500-118,000/mt on Wednesday.
In domestic spot market, trading will be thin, with mainstream traded prices expected between RMB 116,000-118,000/mt.