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

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.