SHANGHAI, Jul. 24 (SMM) –LME tin opened at USD 14,650/mt on Thursday. The metal touched day’s high of USD 15,050/mt and day’s low of USD 14,650/mt before closing up USD 200/mt at USD 14,950/mt. Trading volumes were down 49 lots to 248 lots, and positions were up 284 to 19,050. Inventories fell 140 mt to 7,175 mt. The pullback in the US dollar index and entry of longs allowed LME tin to rebound. LME tin should move at USD 14,800-15,200/mt on Friday.
SHFE 1509 tin contract is expected to move at RMB 108,400-110,000/mt on Friday. In Shanghai spot market, traders will be unwilling to sell at lows, while downstream demand will be moderate. Mainstream traded prices are expected at RMB 110,500-112,500/mt.