SHANGHAI, Oct. 23 (SMM) –LME tin opened at USD 15,945/mt on Thursday. The metal touched day’s high of USD 16,000/mt and day’s low of USD 15,810/mt before closing down USD 25/mt at USD 15,850/mt. Trading volumes were down 21 lots to 162 lots, and positions were up 12 to 20,535. Inventories grew 35 mt to 4,490 mt. ECB President said the ECB will reassess during its December policy meeting whether it needs to loosen monetary policy further, boosting European stock market. Markets are hoping for stimulus from China. US existing homes sales in September rebounded, the second highest since 2007. Market expectations for US rate hike are low. LME tin should look for support at USD 15,800/mt on Friday.
SHFE 1601 tin should move between RMB 97,500-98,500/mt. In China’s spot market, mainstream traded prices are expected between RMB 96,500-98,000/mt.