SMM Tin Market Morning Review (2015-11-2)

SHANGHAI, Nov. 2 (SMM) –LME tin opened at USD 15,145/mt on Friday. The metal touched day’s high of USD 15,180/mt and day’s low of USD 14,780/mt before closing down USD 5/mt at USD 14,950/mt. Trading volumes were down 157 lots to 311 lots, and positions were up 357 to 19,895. Inventories fell 10 mt to 4,990 mt. Worries are growing over possible US rate hike later this year and slowing Chinese economy, causing LME tin to finish with losses. The Bank of England and Reserve Bank of Australia will announce their policy decision later this week. US non-farm payrolls will also be eyed. LME tin should test support at USD 14,700/mt on Monday.    

SHFE 1601 tin struggle around RMB 93,500/mt on Friday night, and should remain low between RMB 93,000-94,000/mt on Monday. In China’s spot market, mainstream traded prices are expected between RMB 94,000-96,000/mt.