SHANGHAI, Aug. 15 (SMM) –LME tin opened at USD 15,200/mt on Thursday. The metal touched day’s high of USD 15,200/mt and day’s low of USD 14,905/mt before closing down USD 55/mt at USD 15,050/mt. Trading volumes were down 227 lots to 142 lots, and positions were up 205 to 21,937. Inventories grew 45 mt to 6,345 mt. The PBOC said there is no basis for Chinese yuan to depreciate further, easing market concerns. The euro zone’s Q2 GDP and July CPI will bear close watching today. Besides, US July PPI and University of Michigan’s consumer confidence index for August will also be released. LME tin should test support at USD 15,000/mt on Friday.
SHFE 1509 tin contract should range RMB 107,000-109,000/mt. In Shanghai spot market, demand will remain poor, and mainstream traded prices are expected between RMB 107,000-109,500/mt.