SHANGHAI, Sept. 2 (SMM) –LME tin opened at USD 14,000/mt on Tuesday. The metal touched day’s high of USD 14,800/mt and day’s low of USD 13,800/mt before closing up USD 650/mt at USD 14,700/mt. Trading volumes were down 4 lots to 277 lots, and positions were down 289 to 20,551. Inventories fell 250 mt to 6,730 mt. The US dollar index fell after data showed that US manufacturing activity grew at its lowest pace in over two years in August, allowing LME tin to rise. However, negative China’s official and Caixin manufacturing PMI for August have exacerbated market concerns. LME tin should move between USD 14,000-15,000/mt on Wednesday.
SHFE 1509 tin should hover around RMB 100,000/mt. In Shanghai spot market, mainstream traded prices are expected at RMB 100,500-103,000/mt.