SHANGHAI, Aug. 17 (SMM) –LME tin opened at USD 15,000/mt last Friday. The metal touched day’s high of USD 15,600/mt and day’s low of USD 14,960/mt before closing up USD 375/mt at USD 15,425/mt. Trading volumes were up 220 lots to 362 lots, and positions were up 32 to 21,969. Inventories were unchanged at 6,345 mt. The PBOC appeared to have suspended guiding Chinese yuan lower, easing market concerns. Indonesian official said the country’s tin exports might drop to less than 2,000 mt in August as new export policy begins to have an impact. LME tin should move at a wide range of USD 15,000-16,000/mt on Monday.
Shorts took the upper hand during last Friday’s night session, so SHFE 1509 tin contract might remain low at RMB 107,000-109,000/mt on Monday. In Shanghai spot market, mainstream traded prices are expected between RMB 107,000-109,500/mt.