SMM Tin Market Morning Review (2015-6-2)

SHANGHAI, Jun. 2 (SMM) –LME tin opened at USD 15,600/mt on Monday. The metal touched day’s high of USD 15,640/mt and day’s low of USD 15,400/mt before closing down USD 45/mt at USD 15,495/mt. Trading volumes were up 51 lots to 192 lots, and positions were down 109 to 19,228. Inventories fell 255 mt to 73,150 mt. The technical side for LME tin remains negative. The US dollar index rose to 97.40 as positive economic data kept expectations for interest rate hike running high. Greece debt issue still bothers the euro. Crude oil prices fell due to growing output at OPEC. In this scenario, LME tin might fall to USD 15,300-15,600/mt on Tuesday. 

 

SHFE 1507 tin contract will meet resistance at short-term moving averages, but has found solid support at RMB 116,000/mt, with prices expected between RMB 116,000-117,500/mt on Tuesday.

 

In domestic spot market, holders of goods from Yunnan will be eager to sell. Mainstream traded prices are expected between RMB 114,500-117,000/mt.