SHANGHAI, Jul. 22 (SMM) –LME tin opened at USD 15,500/mt on Tuesday. The metal touched day’s high of USD 15,600/mt and day’s low of USD 15,300/mt before closing down USD 225/mt at USD 15,300/mt. Trading volumes were down 64 lots to 337 lots, and positions were down 56 to 18,877. Inventories were unchanged at 7,325 mt. US June existing home sales data and minutes for Bank of England’s policy meeting will be eyed today. LME tin is expected to test support at USD 15,000/mt on Wednesday.
SHFE 1509 tin contract should move at RMB 110,000-112,000/mt on Wednesday. In Shanghai spot market, mainstream traded prices are expected to hold stable at RMB 111,000-113,000/mt.