SHANGHAI, Aug. 5 (SMM) –LME tin opened at USD 15,950/mt on Tuesday. The metal touched day’s high of USD 16,115/mt and day’s low of USD 15,675/mt before closing down USD 280/mt at USD 15,700/mt. Trading volumes were down 75 lots to 221 lots, and positions were down 510 to 21,301. Inventories fell 100 mt to 6,540 mt. US factory orders grew 1.8% in June, reversing 1.1% decline in May. LME tin should test support at USD 15,200/mt on Wednesday.
SHFE 1509 tin contract should test support at RMB 107,000/mt on Wednesday. In Shanghai spot market, mainstream traded prices are expected at RMB 109,000-111,500/mt.