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SMM Tin Market Morning Review (2015-10-8)

iconOct 8, 2015 09:17
Source:SMM
LME tin opened at USD 15,775/mt on Wednesday.

SHANGHAI, Oct. 8 (SMM) –LME tin opened at USD 15,775/mt on Wednesday. The metal touched day’s high of USD 16,025/mt and day’s low of USD 15,750/mt before closing up USD 215/mt at USD 15,940/mt. Trading volumes were down 58 lots to 294 lots, and positions were up 291 to 20,259. Inventories grew 40 mt to 4,650 mt. The US dollar index took a hit from depressed US non-farm payrolls, favoring base metals. Indonesia exported 6,392 mt of tin in September. LME tin inventories fell to less than 5,000 mt, also supporting LME tin prices. LME tin should challenge resistance at USD 16,000/mt on Thursday. 

SHFE 1601 tin should follow LME tin up to RMB 97,000-99,000/mt today. In China’s spot market, mainstream traded prices are expected between RMB 97,000-99,000/mt. 



  


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