SHANGHAI, Jul. 1 (SMM) –LME tin opened at USD 14,340/mt on Tuesday. The metal touched day’s high of USD 14,400/mt and day’s low of USD 13,365/mt before closing down USD 480/mt at USD 13,880/mt. Trading volumes were up 364 lots to 600 lots, and positions were down 414 to 18,885. Inventories grew 525 mt to 7,635 mt. Strong risk aversion triggered by the Greek debt crisis caused LME tin prices to tumble overnight. Euro zone finance minister rejected Greece’s request for emergency bailout and Greece failed to repay EUR 1.55 billion to the IMF. Worries over the euro zone will leave LME tin testing support at USD 13,300/mt on Wednesday.
SHFE 1509 tin contract recovered some losses during Tuesday’s night session due to dip-buying, and is expected to range RMB 107,000-110,500/mt on Wednesday. In domestic spot market, limited supply should keep mainstream traded prices stable at RMB 111,500-113,500/mt.