SHANGHAI, Jun. 9 (SMM) –LME tin opened at USD 15,300/mt on Monday. The metal touched day’s high of USD 15,415/mt and day’s low of USD 15,215/mt before closing up USD 75/mt at USD 15,375/mt. Trading volumes were down 99 lots to 92 lots, and positions were down 90 to 19,170. Inventories were unchanged at 7,330 mt. The price rise was due mainly to exit of shorts. China’s CPI and PPI data will be eyed today. With the technical side still negative, LME tin should remain weak at USD 15,200-15,400/mt on Tuesday.
SHFE 1507 tin contract is expected to move between RMB 114,000-116,000/mt on Tuesday. In domestic spot market, supply of cheap goods will be limited, and trading activity should become brisk. Mainstream traded prices are expected between RMB 114,000-116,000/mt.