SHANGHAI, Nov. 6 (SMM) –LME tin opened at USD 14,870/mt on Thursday. The metal touched day’s high of USD 14,885/mt and day’s low of USD 14,515/mt before closing down USD 350/mt at USD 14,555/mt. Trading volumes were up 158 lots to 268 lots, and positions were down 217 to 19,185. Inventories fell 90 mt to 5,200 mt. Following hawkish remarks by Janet Yellen, another US Fed official hinted at growing possibility of rate hike in December. This kept the US dollar index elevated, pressuring base metals. US non-farm report for October will be eyed today. LME tin should test support at USD 14,500/mt on Friday.
SHFE 1601 tin fell during Thursday’s night session, and should move between RMB 91,500-92,500/mt on Friday. In China spot market, mainstream traded prices are expected to fall to RMB 91,500-94,000/mt.
