SHANGHAI, Sept. 11 (SMM) –LME tin opened at USD 15,000/mt on Thursday. The metal touched day’s high of USD 15,360/mt and day’s low of USD 14,985/mt before closing up USD 350/mt at USD 15,300/mt. Trading volumes were down 20 lots to 199 lots, and positions were up 33 to 20,507. Inventories fell 275 mt to 5,625 mt. China’s Ministry of Finance announced that it will introduce more powerful fiscal measures to shore up economy, boosting market sentiment. However, caution before the US Fed’s policy decision and lingering concerns over hard landing of Chinese economy limited upside space of base metals prices. The US dollar index fell on negative US economic data. This will help LME tin challenge resistance at USD 15,400/mt on Friday.
SHFE 1509 tin should range RMB 102,500-103,500/mt today. In Shanghai spot market, mainstream traded prices are expected to follow LME tin up to RMB 100,000-102,500/mt.