SHANGHAI, Oct. 16 (SMM) –LME tin opened at USD 16,055/mt on Thursday. The metal touched day’s high of USD 16,250/mt and day’s low of USD 15,905/mt before closing down USD 145/mt at USD 15,905/mt. Trading volumes were down 41 lots to 241 lots, and positions were up 180 to 21,100. Inventories were unchanged at 4,470 mt. Feeble US manufacturing data strengthened expectations that the US Fed will not raise interest rate later this year. Discouraging Chinese economic data released earlier triggered hopes for more stimulus. LME tin lacks upward momentum, and should move around USD 16,000/mt on Friday.
SHFE 1601 tin tracked LME tin down on Thursday night, and should move between RMB 98,500-100,000/mt on Friday. In China’s spot market, the decline in SHFE tin overnight will dampen sentiment and prompt some sellers to cut prices. Mainstream traded prices are expected between RMB 96,500-98,500/mt.