SHANGHAI, Jul. 28 (SMM) –LME tin opened at USD 15,480/mt on Monday. The metal touched day’s high of USD 15,645/mt and day’s low of USD 15,210/mt before closing up USD 155/mt at USD 15,600/mt. Trading volumes were down 202 lots to 349 lots, and positions were up 28 to 18,928. Inventories grew 40 mt to 7,175 mt. Falling China industrial profit in June and plunging Chinese stock market caused LME tin to fall to USD 15,210/mt. But LME tin rallied later as the US dollar softened. The US Fed will hold two-day policy meeting today. LME tin should remain strong at USD 15,800-16,000/mt.
SHFE 1509 tin contract fluctuated between the 5-day and 20-day moving averages during Monday’s night session, and should move between RMB 107,000-110,000/mt on Tuesday. In Shanghai spot market, release of cheap goods will keep mainstream traded prices in check at RMB 109,500-112,000/mt.