SHANGHAI, Jul. 14 (SMM) –Greece and its international creditors reached a new deal over bailout, boosting market sentiment. This helped SHFE 1509 tin contract rise to RMB 110,490/mt after opening at RMB 108,000/mt on Monday night. The contract ended the night session up RMB 2,180/mt or 2.03% at RMB 109,790/mt.
On Tuesday, SHFE 1509 tin contract opened at RMB 109,770/mt. Despite positive news from Greece, concerns over timing of US interest rate hike strengthened the US dollar. This curbed gains of SHFE tin. The most active contract gave back most of last night’s gains, and ended the day up RMB 1,270/mt or 1.18% at RMB 108,800/mt. The contract should range RMB 106,000-111,000/mt tonight.
US June retail sales data will be eyed tonight. China will release Q2 GDP, industrial, investment and consumption data tomorrow.