SHANGHAI, Oct. 19 (SMM) –LME tin opened at USD 16,100/mt on Friday. The metal touched day’s high of USD 16,100/mt and day’s low of USD 15,900/mt before closing flat at USD 15,905/mt. Trading volumes were down 167 lots to 74 lots, and positions were up 354 to 21,454. Inventories fell 10 mt to 4,460 mt. The US dollar strengthened after release of positive US industrial output and consumer confidence index. This deprived LME tin of upward momentum. China’s final Q3 GDP will come under the spotlight today. Expectations for US rate hike are waning, while hopes for further stimulus from the ECB are growing. LME tin should move around USD 16,000/mt on Monday.
SHFE 1601 tin rose on Friday, but met resistance at the 20-day moving average. The contract should move between RMB 98,300-99,100/mt on Monday. In China’s spot market, prices showed signs of falling on Friday, and mainstream traded prices are expected between RMB 97,000-98,500/mt today.