SHANGHAI, Aug. 3 (SMM) –LME tin opened at USD 16,160/mt last Friday. The metal touched day’s high of USD 16,600/mt and day’s low of USD 16,015/mt before closing up USD 20/mt at USD 16,200/mt. Trading volumes were up 88 lots to 431 lots, and positions were up 539 to 20,791. Inventories grew 45 mt to 7,040 mt. US labor costs recorded their smallest growth in 33 years in Q2, pushing the US dollar index down. A weaker US dollar pushed LME tin up. But the US dollar index rallied later, causing LME tin to pare some gains. China’s official manufacturing PMI for July, released this past weekend, undershot forecasts. This will dampen market sentiment. LME tin should find support at USD 16,000/mt and meet resistance at USD 16,400/mt on Monday.
SHFE 1509 tin contract should move at RMB 110,000-112,000/mt on Monday. In Shanghai spot market, mainstream traded prices are expected at RMB 109,500-112,000/mt .