SMM Tin Market Morning Review (2015-6-11)

SHANGHAI, Jun. 11 (SMM) –LME tin opened at USD 15,250/mt on Wednesday. The metal touched day’s high of USD 15,400/mt and day’s low of USD 15,245/mt before closing up USD 145/mt at USD 15,400/mt. Trading volumes were down 32 lots to 151 lots, and positions were up 1 to 19,266. Inventories were unchanged at 7,365 mt. Exit of shorts allowed LME tin to rise from USD 15,300/mt to USD 15,400/mt during the Asian trading hours. LME tin broke through resistance at the 5-day moving averages and closed the day with gains, meaning that there is still room for rise today. Today will see the release of China’s new yuan lending and US retail sales and weekly initial jobless claims. Technically speaking, LME tin looks set to rise slightly to USD 15,400-15,600/mt on Thursday.   

 

SHFE 1507 tin contract ended Wednesday’s night session down RMB 50/mt at RMB 115,390/mt. The contract rose at first as longs entered, but then fell back as bulls closed positions. Trading volumes were down 800 lots to 434 lots, and positions were up 6 to 5,096. July tin on the SHFE is expected to move between RMB 114,500-116,500/mt on Thursday. In domestic spot market, supply of cheap goods will be tight. Mainstream traded prices are expected to inch up to RMB 114,000-115,500/mt.