SHANGHAI, Jun. 3 (SMM) –LME tin opened at USD 15,485/mt on Tuesday. The metal touched day’s high of USD 15,640/mt and day’s low of USD 15,415/mt before closing up USD 5/mt at USD 15,500/mt. Trading volumes were up 36 lots to 228 lots, and positions were up 97 to 19,325. Inventories were unchanged at 73,150 mt. The US dollar index fell to a week low on weak US economic data and US Fed official’s dovish remarks. US ADP employment report will bear close watching today. A weaker US dollar should push LME tin up slightly to USD 15,400-15,600/mt on Wednesday.
SHFE 1507 tin contract rose RMB 80/mt to RMB 116,600/mt during Tuesday’s night session, and is expected to rise further to RMB 116,000-118,000/mt on Wednesday.
In domestic spot market, suppliers will hold back goods at lows. Mainstream traded prices are expected between RMB 114,500-117,000/mt.