SHANGHAI, Sept. 23 (SMM) –LME tin opened at USD 15,000/mt on Tuesday. The metal touched day’s high of USD 15,045/mt and day’s low of USD 14,560/mt before closing down USD 235/mt at USD 14,715/mt. Trading volumes were up 181 lots to 249 lots, and positions were down 287 to 19,858. Inventories grew 50 mt to 5,155 mt. A stronger US dollar was partly responsible for the decline in LME tin. Investors are pessimistic over Caixin’s flash China manufacturing PMI for September due to be released today, which will leave LME tin vulnerable at USD 14,300/mt.
SHFE 1601 tin should move between RMB 97,000-99,000/mt on Wednesday. In Shanghai spot market, falling futures prices will keep mainstream traded prices in check at RMB 99,000-100,500/mt.