SHANGHAI, Jun. 1 (SMM) – SHFE 1507 tin contract rose to RMB 116,350/mt after opening at RMB 116,090/mt on Friday night. The contract was capped below RMB 116,320/mt on Monday before ending down RMB 40/mt or 0.03% at RMB 116,120/mt. Trading volumes were down 4,610 lots to 4,366 lots, and positions were down 384 lots to 5,706 lots. The contract is expected to move between RMB 115,000-119,000/mt during today’s night session.
HSBC’s final China manufacturing PMI for May inched up, but remained below 50 for three consecutive months. New export order sub-index hit nearly two year low. Output sub-index shrank for the first time this year. China’s official manufacturing PMI rose to 50.2 in May, meeting forecasts. HSBC’s China manufacturing PMI suggests that the Chinese economy still faces heavy downward pressure, leaving the room open for more stimulus measures.