SHANGHAI, Jun. 8 (SMM) – SHFE 1507 tin contract bottomed out on Monday after three consecutive days of losses, due mainly to exit of bears. The contract opened at RMB 113,990/mt. July tin on the SHFE touched day’s high of RMB 114,940/mt and day’s low of RMB 113,910/mt before ending up RMB 440/mt or 0.39% at RMB 114,700/mt. Trading volumes were up 798 lots to 2,082 lots, and positions were down 90 lots to 5,128 lots. SHFE 1507 tin contract is expected to test support at RMB 112,500/mt during today’s night session.
Trading activity was muted in LME tin market during Monday’s Asian trading hours, with a mere 5 lots traded as of 15:10. LME tin inventories fell further to 7,330 mt last Friday. But LME tin prices drew little support.