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SMM Tin Market Morning Review (2015-11-5)

iconNov 5, 2015 09:36
Source:SMM
LME tin opened at USD 14,895/mt on Wednesday.

SHANGHAI, Nov. 5 (SMM) –LME tin opened at USD 14,895/mt on Wednesday. The metal touched day’s high of USD 14,925/mt and day’s low of USD 14,775/mt before closing up USD 145/mt at USD 14,895/mt. Trading volumes were down 247 lots to 110 lots, and positions were down 268 to 19,402. Inventories grew 395 mt to 5,290 mt. US ADP employment report and ISM’s US non-manufacturing index were both better than expected. Fed Chair Yellen’s remarks raised expectations of rate hike later this year. The US dollar index thus shot up. A stronger US dollar will pressure base metals. LME tin should move around USD 14,800/mt on Thursday. 

SHFE 1601 tin has met strong resistance at the 5-day moving average and should move between RMB 92,500-93,500/mt on Thursday. In China spot market, mainstream traded prices are expected between RMB 92,000-94,500/mt. 


   


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