SHANGHAI, Aug. 6 (SMM) –LME tin opened at USD 15,700/mt on Wednesday. The metal touched day’s high of USD 15,815/mt and day’s low of USD 15,180/mt before closing down USD 250/mt at USD 15,450/mt. Trading volumes were up 111 lots to 332 lots, and positions were down 115 to 21,186. Inventories grew 120 mt to 6,660 mt. Tumbling Chinese stock market triggered worries over the health of the world’s second largest economy. It was reported that Indonesia’s refined tin shipment fell 24% in July, but such new gave no support to LME tin. The US dollar index rebounded after sharp fall. There are no key macroeconomic data due for release today. US non-farm payrolls will come under the spotlight on Friday. LME tin should test support at USD 15,000/mt on Thursday.
SHFE 1509 tin contract should remain weak at RMB 106,000-108,000/mt on Thursday. In Shanghai spot market, mainstream traded prices are expected to fall to RMB 108,500-111,000/mt.