SHANGHAI, Aug. 11 (SMM) –LME tin opened at USD 15,250/mt on Monday. The metal touched day’s high of USD 15,880/mt and day’s low of USD 14,865/mt before closing up USD 500/mt at USD 15,700/mt. Trading volumes were up 116 lots to 374 lots, and positions were down 77 to 21,188. Inventories were unchanged at 6,630 mt. The price rise was thanks to a softer US dollar. Markets are hoping for stimulus measures from the Chinese government following weak economic data. Today will see the release of the euro zone and Germany’s economic sentiment index. LME tin should move between USD 15,000-16,000/mt on Tuesday.
SHFE 1509 tin contract fell back after hitting a session high of RMB 111,350/mt last night, and should meet resistance at RMB 110,000/mt. In Shanghai spot market, the low-end price is expected to rise due to rising SHFE and LME tin overnight. Mainstream traded prices are expected between RMB 108,000-110,000/mt.