SHANGHAI, Sept. 17 (SMM) –LME tin opened at USD 15,600/mt on Wednesday. The metal touched day’s high of USD 15,760/mt and day’s low of USD 15,595/mt before closing up USD 105/mt at USD 15,675/mt. Positions were down 572 to 20,401. Inventories fell 35 mt to 5,070 mt. The US dollar index dipped as US CPI unexpectedly fell in August, favoring base metals. It is widely expected that the US Fed will keep interest rate unchanged. The Chinese stock market rose sharply on Wednesday, recording its biggest single-day gain in nearly three weeks. But trading volumes did not increase much. So, it remains to be seen whether the Chinese stock market will sustain gains. LME tin should test resistance at USD 16,000/mt on Thursday, and failure to break this resistance level means that the metal might test support at USD 15,400/mt.
SHFE 1601 tin should range RMB 102,000-103,000/mt. In Shanghai spot market, deliverable goods might flow in, and mainstream traded prices are expected at RMB 99,500-101,500/mt.