SHANGHAI, Jul. 14 (SMM) –LME tin opened at USD 14,310/mt on Monday. The metal touched day’s high of USD 14,870/mt and day’s low of USD 13,995/mt before closing up USD 445/mt at USD 14,710/mt. Trading volumes were up 212 lots to 436 lots, and positions were down 31 to 19,966. Inventories grew 105 mt to 7,185 mt. Eurozone leaders agreed to provide three-year EUR 86 billion bailout to Greece, boosting market sentiment and pushing LME tin up. Market attention has shifted from Greece issue to timing for interest rate hike in the US. The US dollar index rose overnight, which will prevent LME tin from rising above USD 15,000/mt on Tuesday.
SHFE 1509 tin contract rose to near RMB 110,000 during Monday’s night session, and should move at RMB 107,000-111,000/mt on Tuesday. In Shanghai spot market, rising SHFE tin will encourage cargo holders to ask for higher prices, and mainstream traded prices are expected at RMB 111,000-113,000/mt.