SHANGHAI, Sept. 9 (SMM) –LME tin opened at USD 14,920/mt on Tuesday. The metal touched day’s high of USD 15,160/mt and day’s low of USD 14,825/mt before closing down USD 20/mt at USD 14,930/mt. Trading volumes were up 99 lots to 181 lots, and positions were up 16 to 20,525. Inventories fell 60 mt to 5,735 mt. Chinese stock market gained nearly 3%. Germany’s foreign trade data and the euro zone’s Q2 economy beat forecasts. These cheered market up, pushing LME tin up. However, LME tin fell back at the tail of the day. Market attention will focus on the health of Chinese economy and timing for Us rate hike. LME tin should move between USD 14,600-15,200/mt on Wednesday.
SHFE tin followed other base metals up overnight. SHFE 1601 tin hit a session high of RMB 104,010/mt, and should range RMB 102,000-104,000/mt today. In Shanghai spot market, mainstream traded prices are expected at RMB 100,000-102,000/mt.
