SHANGHAI, Aug. 19 (SMM) –LME tin opened at USD 15,475/mt on Tuesday. The metal touched day’s high of USD 15,700/mt and day’s low of USD 15,150/mt before closing down USD 350/mt at USD 15,160/mt. Trading volumes were up 143 lots to 325 lots, and positions were down 677 to 21,532. Inventories fell 60 mt to 6,285 mt. China’s A-share market tumbled 6.1% on Tuesday, hitting its biggest one-day loss in three weeks. The slump is partly due to lingering worries over Chinese economy and upcoming delivery date of Stock Index Futures. With Chinese stock market no hope of a turnaround, LME tin should take a hit and test support at USD 15,000/mt on Wednesday.
SHFE 1509 tin contract should look for support at RMB 106,300/mt. In Shanghai spot market, demand will remain slack, and mainstream traded prices are expected between RMB 106,500-108,500/mt.