SHANGHAI, Sept. 29 (SMM) – Negative Chinese economic data and slump in mining giant Glencore’s shares triggered selloffs in base metals. However, LME tin bucked the trend by rising, and ended Monday at USD 15,505/mt.
During Monday’s night session, SHFE 1601 tin fell to RMB 96,220/mt, but then tracked LME tin up to close at RMB 97,420/mt. The most active contract should move between RMB 96,500-98,000/mt today. In China’s spot market, demand but will remain soft, but prices are unlikely to fall sharply. Mainstream traded prices are expected between RMB 97,000-98,500/mt on Tuesday.