SHANGHAI, Aug. 7 (SMM) –LME tin opened at USD 15,400/mt on Thursday. The metal touched day’s high of USD 15,500/mt and day’s low of USD 15,300/mt before closing flat with the previous day at USD 15,450/mt. Trading volumes were down 141 lots to 191 lots, and positions were up 81 to 21,267. Inventories fell 95 mt to 6,565 mt. The US dollar index stayed higher, but did not break through 98. Investors are cautious before the result of US non-farm employment report. Trading volumes in China’s A-share market hit half-year low, reflecting market concerns over the economy. LME tin should test support at USD 15,000/mt on Friday.
SHFE 1509 tin contract should move between RMB 106,500-108,000/mt on Friday. In Shanghai spot market, mainstream traded prices are expected between RMB 108,500-111,000/mt.