SHANGHAI, Aug. 21 (SMM) –LME tin opened at USD 15,345/mt on Thursday. The metal touched day’s high of USD 15,575/mt and day’s low of USD 15,240/mt before closing down USD 130/mt at USD 15,295/mt. Trading volumes were down 125 lots to 279 lots, and positions were down 148 to 20,764. Inventories grew 180 mt to 7,165 mt. Despite a softer US dollar after release of dovish minutes of the US Fed’s policy meeting, LME tin still closed with losses. This is because Chinese A-share market tumbled 3.4% on Thursday, highlighting fragile sentiment over the Chinese economy. A weaker US dollar should offer some support to base metals. LME tin is expected to move between USD 15,000-16,000/mt on Friday.
SHFE 1509 tin contract should look for support at RMB 106,300/mt, pressured by plunging Chinese stock market and poor market fundamentals. In Shanghai spot market, mainstream traded prices are expected at RMB 105,500-108,000/mt.