SHANGHAI, Jul. 13 (SMM) –LME tin opened at USD 14,250/mt last Friday. The metal touched day’s high of USD 14,395/mt and day’s low of USD 13,875/mt before closing up USD 40/mt at USD 14,265/mt. Trading volumes were down 53 lots to 224 lots, and positions were up 46 to 19,997. Inventories fell 240 mt to 7,080 mt. Hope for a last-minute deal between Greek government and its international creditors and rising Chinese stock market helped push LME tin up. Investors were greatly disappointed as talks over Greek debt issue ended with no result. LME tin should move around USD 14,000/mt on Monday, with resistance at USD 14,400/mt.
SHFE 1509 tin contract closed last Friday’s night session up RMB 250/mt, and should move at RMB 106,000-111,000/mt on Monday. In Shanghai spot market, supply should be tight due to upcoming delivery of SHFE front-month contract, and mainstream traded prices are expected at RMB 111,000-113,000/mt.