SHANGHAI, Sept. 24 (SMM) –LME tin opened at USD 14,850/mt on Wednesday. The metal touched day’s high of USD 15,100/mt and day’s low of USD 14,800/mt before closing up USD 215/mt at USD 14,930/mt. Trading volumes were down 43 lots to 206 lots, and positions were up 111 to 19,969. Inventories fell 30 mt to 5,125 mt. Caixin’s flash China manufacturing PMI for September fell to 47.0, a low last seen in March 2009, worsening concerns over growth in the world’s second largest economy. LME tin has met strong resistance and should move around USD 15,000/mt on Thursday.
Trading was thin on SHFE tin market overnight. SHFE 1601 tin should move at RMB 98,000-100,000/mt on today. In Shanghai spot market, buyers will continue taking a wait-and-see posture amid falling prices, and mainstream traded prices are expected at RMB 98,500-100,000/mt.