SHANGHAI, Sept. 14 (SMM) –LME tin opened at USD 15,300/mt last Friday. The metal touched day’s high of USD 15,520/mt and day’s low of USD 15,195/mt before closing up USD 180/mt at USD 15,480/mt. Trading volumes were up 60 lots to 259 lots, and positions were up 200 to 20,707. Inventories fell 85 mt to 5,540 mt. The US dollar index fell, favoring base metals. US consumer confidence index fell to one-year low in September. US August PPI indicated mild inflationary pressure. Market attention will shift to the US Fed’s policy meeting this week. LME tin should challenge resistance at USD 16,000/mt on Monday.
SHFE 1509 tin should follow LME tin up to RMB 102,600-104,000/mt. In Shanghai spot market, supply of cheap goods might fall, and mainstream traded prices are expected at RMB 100,000-102,500/mt.
