SHANGHAI, Jul. 30 (SMM) –LME tin opened at USD 16,280/mt on Wednesday. The metal touched day’s high of USD 16,345/mt and day’s low of USD 16,145/mt before closing down USD 95/mt at USD 16,170/mt. Trading volumes were down 389 lots to 407 lots, and positions were up 499 to 19,807. Inventories were unchanged at 6,990 mt. A strong US dollar sent LME tin down overnight and will continue to weigh LME tin down to USD 15,800-16,400/mt on Thursday.
SHFE 1509 tin contract should move at RMB 110,000-113,000/mt on Thursday. In Shanghai spot market, downstream producers might restock at lows. Mainstream traded prices are expected at RMB 110,000-112,500/mt.