SHANGHAI, May 28 (SMM) –LME tin opened at USD 15,580/mt on Wednesday. The metal touched day’s high of USD 15,600/mt and day’s low of USD 15,275/mt before closing down USD 45/mt at USD 15,505/mt. Trading volumes were down 20 lots to 298 lots, and positions were down 154 to 18,953. Inventories fell 635 mt to 7,630 mt. Today will see the release of US initial jobless claims for last week and US existing home sales. The EIA will announce weekly US crude oil inventories. LME tin is expected to move between USD 15,300-15,600/mt on Thursday.
SHFE 1507 tin contract is expected to consolidate between RMB 115,500-117,500/mt on Thursday.
In domestic spot market, the inflow of hedged goods will drag mainstream traded prices down to RMB 115,000-117,500/mt.