[Sn Price] SMM Tin Market Morning Review (2015-7-31)

SHANGHAI, Jul. 31 (SMM) –LME tin opened at USD 16,155/mt on Thursday. The metal touched day’s high of USD 16,250/mt and day’s low of USD 15,880/mt before closing up USD 10/mt at USD 16,180/mt. Trading volumes were down 64 lots to 343 lots, and positions were up 445 to 20,252. Inventories grew 5 mt to 6,995 mt. The US dollar gained favor as expectations for interest rate hike grew after the US Fed noted improvement in US economy and labor market, pushing LME tin down. But LME tin rallied later following news that Indonesia's PT Timah will be unable to export tin for much of August due to bureaucratic delays in the implementation of new rules for shipments. LME tin should find support at USD 16,000/mt and meet resistance at USD 16,400/mt on Friday. 

SHFE 1509 tin contract opened at RMB 110,920/mt on Thursday. The contract moved between RMB 111,200-111,500/mt in the morning, but plunged in the afternoon as China’s A-share market tumbled. Finally, it ended down RMB 1,360/mt or 1.22% at RMB 110,180/mt. Trading volumes were down 316 lots to 2,828 lots. It has found solid support at RMB 109,000/mt, though. SHFE 1509 tin contract hovered around RMB 110,000/mt during Thursday’s night session, and should move at RMB 109,000-111,000/mt on Friday. In Shanghai spot market, mainstream traded prices are expected at RMB 109,500-112,500/mt.