SMM Tin Market Morning Review (2015-6-10)

Published: Jun 10, 2015 10:04

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LME tin opened at USD 15,375/mt on Tuesday.

SHANGHAI, Jun. 10 (SMM) –LME tin opened at USD 15,375/mt on Tuesday. The metal touched day’s high of USD 15,500/mt and day’s low of USD 15,250/mt before closing down USD 120/mt at USD 15,255/mt. Trading volumes were up 91 lots to 183 lots, and positions were up 95 to 19,265. Inventories grew 35 mt to 7,365 mt. US crude oil closed up USD 2.00/bbl or 3.44% at USD 60.14/bbl overnight, which will continue to boost sentiment in commodity market. However, negative technical side will prevent LME tin from rising. LME tin has met strong resistance at the 5-day and 10-day moving averages, and is expected to range USD 15,200-15,400/mt on Wednesday.

SHFE 1507 tin contract is expected to move between RMB 114,500-116,000/mt on Wednesday. In domestic spot market, trading will be brisk at the lower end of the price range. Mainstream traded prices are expected between RMB 113,500-115,500/mt.

LME tin prices Shanghai tin prices

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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