SHANGHAI, Sept. 10 (SMM) –LME tin opened at USD 14,855/mt on Wednesday. The metal touched day’s high of USD 15,200/mt and day’s low of USD 14,855/mt before closing up USD 20/mt at USD 14,950/mt. Trading volumes were up 38 lots to 219 lots, and positions were down 51 to 20,474. Inventories grew 165 mt to 5,900 mt. Rising Chinese stock market cheered market up. The US dollar index dipped, also supporting base metals. China’s August CPI and PPI will be eyed today. Should these figures point to slowing Chinese economy, expectations will run high for the central government to roll out more stimulus measures. LME tin should test support at USD 14,800/mt and meet resistance at the 40-day moving average on Thursday.
SHFE 1510 tin should range RMB 100,500-102,000/mt today. In Shanghai spot market, mainstream traded prices are expected at RMB 100,000-102,000/mt.