SHANGHAI, Sept. 16 (SMM) –LME tin opened at USD 15,535/mt on Tuesday. The metal touched day’s high of USD 15,645/mt and day’s low of USD 15,455/mt before closing flat at USD 15,570/mt. Trading volumes were down 105 lots to 311 lots, and positions were down 85 to 20,973. Inventories fell 435 mt to 5,105 mt. Chinese A-share market plunged below 3,000 points as negative economic data triggered growth concerns. However, LME tin stayed at highs, underpinned by Indonesia’s restriction of tin exports and falling LME tin inventories. LME tin might test support at the 5-day moving average on Wednesday as tumbling Chinese stock market will sour market sentiment.
SHFE 1601 tin should range RMB 101,000-102,500/mt. In Shanghai spot market, maintenance at China Tin Group will cut market supply. Mainstream traded prices are expected at RMB 99,500-102,000/mt.