SHANGHAI, Oct. 27 (SMM) –LME tin opened at USD 15,620/mt on Monday. The metal touched day’s high of USD 15,760/mt and day’s low of USD 15,430/mt before closing down USD 195/mt at USD 15,495/mt. Trading volumes were up 56 lots to 273 lots, and positions were down 151 to 20,437. Inventories were unchanged at 4,540 mt. The US dollar index fell back from recent high as US new home sales for September were worse than expected. But a softer dollar gave no support to LME tin. Crude oil prices remained under downward pressure even after two weeks of declines, pressuring commodity market. LME tin should test support at USD 15,400/mt on Tuesday.
SHFE 1601 tin moved lower after a low opening on Monday night. The contract should move between RMB 96,500-98,000/mt on Tuesday. In China’s spot market, more cheap goods flowed in, and demand will be soft. Mainstream traded prices are expected between RMB 95,500-97,500/mt.
