SHANGHAI, Aug. 12 (SMM) –LME tin opened at USD 15,780/mt on Tuesday. The metal touched day’s high of USD 15,780/mt and day’s low of USD 15,180/mt before closing down USD 450/mt at USD 15,250/mt. Trading volumes were down 180 lots to 194 lots, and positions were up 372 to 21,560. Inventories were unchanged at 6,630 mt. The PBOC’s announcement of adjustment in RMB central parity rate sparked concerns that a weaker yuan will add to costs for Chinese manufacturers. This was blamed for the decline in LME tin prices. LME tin should test support at USD 15,000/mt on Wednesday.
SHFE 1509 tin contract should range RMB 107,000-108,300/mt. In Shanghai spot market, falling LME tin will dampen market sentiment. Mainstream traded prices are expected between RMB 107,500-110,000/mt.