SMM Tin Market Morning Review (2015-6-4)

SHANGHAI, Jun. 4 (SMM) –LME tin opened at USD 15,565/mt on Wednesday. The metal touched day’s high of USD 15,600/mt and day’s low of USD 15,350/mt before closing up USD 60/mt at USD 15,560/mt. Trading volumes were up 68 lots to 160 lots, and positions were up 614 to 19,939. Inventories fell 50 mt to 7,265 mt. LME tin fell at first as positive US economic data pushed the US dollar up, but then recovered lost ground as the euro strengthened after ECB president said the ECB will maintain QE until deflation eases. LME tin has found solid support at USD 15,300/mt. US initial jobless claims will be eyed today. LME tin is expected to move between USD 15,300-15,500/mt on Thursday. 

 

SHFE 1507 tin contract lost RMB 380/mt during Wednesday’s night session, and is expected to move between RMB 115,000-116,500/mt on Thursday.  

 

In domestic spot market, the inflow of hedged goods will send mainstream traded prices down to RMB 114,000-116,500/mt.