SMM Tin Market Morning Review (2015-11-4)

SHANGHAI, Nov. 4 (SMM) –LME tin opened at USD 14,950/mt on Tuesday. The metal touched day’s high of USD 15,025/mt and day’s low of USD 14,525/mt before closing down USD 175/mt at USD 14,750/mt. Trading volumes were up 158 lots to 357 lots, and positions were down 161 to 19,670. Inventories fell 120 mt to 4,895 mt. ISM’s New York Fed activity index was unexpectedly strong in October, but US factory orders for September were lower than expected. The US dollar index shot up at one point, but met resistance at the 5-day moving average. LME tin has shown signs of falling further, and should look for support at USD 14,500/mt on Wednesday. 

SHFE 1601 tin was capped below the 5-day moving average on Tuesday night, and should move between RMB 92,500-93,500/mt on Wednesday. In China spot market, mainstream traded prices are expected between RMB 92,500-95,000/mt.