SHANGHAI, Aug. 4 (SMM) –LME tin opened at USD 16,200/mt on Monday. The metal touched day’s high of USD 16,300/mt and day’s low of USD 15,900/mt before closing down USD 220/mt at USD 15,980/mt. Trading volumes were down 135 lots to 296 lots. Inventories fell 400 mt to 6,640 mt. Caixin’s final China manufacturing PMI for July hit two-year low, evidence of tepid Chinese economic growth. China’s A-share market closed Monday down 1.1%, also souring market sentiment. LME tin should test support at USD 15,700/mt on Tuesday.
SHFE 1509 tin contract should test support at RMB 107,000/mt on Tuesday. In Shanghai spot market, the pullback in SHFE tin will weigh on market sentiment, and mainstream traded prices are expected at RMB 109,500-111,500/mt.