SHANGHAI, Sept. 21 (SMM) –LME tin opened at USD 15,350/mt last Friday. The metal touched day’s high of USD 15,350/mt and day’s low of USD 14,850/mt before closing down USD 230/mt at USD 15,170/mt. Trading volumes were up 227 lots to 328 lots, and positions were down 133 to 20,124. Inventories grew 70 mt to 5,140 mt. Market reaction was mild to the US Fed’s decision not to hike interest rate. European and US stock markets fell due to concerns over global economy. A stronger US dollar will leave LME tin testing support at USD 14,850/mt on Monday.
SHFE 1601 tin should range RMB 100,500-101,800/mt. In Shanghai spot market, inflow of deliverable Yunxi brand tin will add to market supply, and mainstream traded prices are expected at RMB 99,500-101,500/mt.