SHANGHAI, Aug. 28 (SMM) –LME tin opened at USD 13,800/mt on Thursday. The metal touched day’s high of USD 14,135/mt and day’s low of USD 13,600/mt before closing up USD 200/mt at USD 13,900/mt. Trading volumes were down 58 lots to 406 lots, and positions were down 171 to 20,780. Inventories fell 110 mt to 7,310 mt. Chinese stock market rebounded, driving a rally in commodity market as well. Revised US Q2 GDP beat forecasts, also boosting market sentiment. Market attention is now focused on when the US Fed might raise interest rate. LME tin should face correction after sharp declines, and move between USD 13,600-14,100/mt on Friday.
SHFE 1509 tin contract should move between RMB 99,000-101,000/mt. In Shanghai spot market, mainstream traded prices are expected to stop falling and move at RMB 101,500-103,500/mt.