SHANGHAI, Jul. 20 (SMM) –LME tin opened at USD 15,025/mt last Friday. The metal touched day’s high of USD 15,800/mt and day’s low of USD 15,025/mt before closing up USD 700/mt at USD 15,750/mt. Trading volumes were up 261 lots to 746 lots, and positions were up 243 to 19,160. Inventories were unchanged at 7,325 mt. The US dollar index rose as expectations were running high after data showed that US CPI rose for five consecutive months in June. A strong US dollar pressured base metals, except LME tin. The price was due in part to short-covering, and partly because of falling LME tin stocks. LME tin is expected to rise to USD 16,000/mt on Monday.
SHFE 1509 tin contract closed last Friday’s night session at RMB 111,930/mt and should move at RMB 111,000-112,500/mt on Monday.In Shanghai spot market, strong SHFE tin will lend support to spot prices. But inflow of deliverable goods will curtail any potential upside sapce Mainstream traded prices are expected at RMB 111,500-114,000/mt.