SHANGHAI, Aug. 13 (SMM) –LME tin opened at USD 15,445/mt on Wednesday. The metal touched day’s high of USD 15,450/mt and day’s low of USD 14,770/mt before closing down USD 145/mt at USD 15,105/mt. Trading volumes were up 175 lots to 369 lots, and positions were up 172 to 21,732. Inventories fell 330 mt to 6,300 mt. Depreciation of Chinese yuan and downbeat Chinese economic data triggered concerns over metal demand in the world’s second largest economy. This caused LME tin to fall. LME tin recovered some losses later as an US Fed official said that devaluation of Chinese currency could affect timing for US interest rate hike. LME tin should move violently and test support at USD 15,000/mt on Thursday amid depreciation of Chinese yuan and uncertainty over timing for US interest rate hike.
SHFE 1509 tin contract should range RMB 107,000-109,000/mt. In Shanghai spot market, mainstream traded prices are expected to hold stable between RMB 107,500-110,000/mt.