SHANGHAI, Jul. 9 (SMM) –LME tin opened at USD 13,685/mt on Wednesday. The metal touched day’s high of USD 14,230/mt and day’s low of USD 13,500/mt before closing up USD 385/mt at USD 14,185/mt. Trading volumes were up 128 lots to 376 lots, and positions were down 364 to 19,777. Inventories fell 230 mt to 7,345 mt. Exit of shorts and a softer US dollar allowed LME tin to rebound overnight. Panic sentiment eased a little as authorities in China unleashed a series of measures to cope with plunging stock market. However, uncertainty over the Greek debt crisis will keep investors cautious. LME tin should hover around USD 14,000/mt on Thursday.
SHFE 1509 tin contract should move at RMB 104,000-108,000/mt on Thursday. In Shanghai spot market, supply will remain tight. But weak demand will prevent prices from rising. Mainstream traded prices are expected at RMB 110,000-112,500/mt.