SHANGHAI, Sept. 7 (SMM) –LME tin opened at USD 15,300/mt last Friday. The metal touched day’s high of USD 15,300/mt and day’s low of USD 14,900/mt before closing down USD 195/mt at USD 15,005/mt. Trading volumes were down 12 lots to 163 lots, and positions were down 63 to 20,088. Inventories grew 20 mt to 5,830 mt. US non-farm sector added 173,000 jobs in August, well below expectations. However, the country’s unemployment rate fell to the lowest since the financial crisis at 5.1%. This pushed the US dollar index up, pressuring base metals. Indonesia did not export tin in August, due to weak prices and delayed issuance of export permit. The US dollar index will stay elevated on expectations that the US Fed might raise interest rate later this month after data showed jobless rate hit 7-1/2 low. Recent negative Chinese economic data will continue to weigh on market sentiment. LME tin should move wildly between USD 14,500-15,400/mt on Monday.
SHFE 1509 tin should hover at RMB 101,000-103,000/mt. In Shanghai spot market, mainstream traded prices are expected at RMB 100,500-103,000/mt.
