SHANGHAI, Oct. 29 (SMM) –LME tin opened at USD 15,415/mt on Wednesday. The metal touched day’s high of USD 15,420/mt and day’s low of USD 15,100/mt before closing down USD 140/mt at USD 15,210/mt. Trading volumes were up 204 lots to 402 lots, and positions were down 412 to 19,596. Inventories grew 500 mt to 5,010 mt. Falling Chinese stock market undermined market sentiment. Besides, LME tin stocks returned above 5,000 mt, another drag on LME tin prices. As expected, the US Fed decided to keep interest rate unchanged. Meanwhile, the US Fed remains optimistic over employment and inflation targets, pushing the US dollar index up. A stronger dollar should leave LME tin testing support at USD 15,000/mt on Thursday.
SHFE 1601 tin opened lower on Wednesday night, attracting many shorts to close positions. This pushed prices up later in the session. However, a lack of buying means the contract is unlikely to rise. SHFE 1601 tin should move between RMB 95,000-96,000/mt. In China’s spot market, mainstream traded prices are expected between RMB 94,500-96,500/mt.