SMM Tin Market Morning Review (2015-11-10)

SHANGHAI, Nov. 10 (SMM) –LME tin opened at USD 14,660/mt on Monday. The metal touched day’s high of USD 14,685/mt and day’s low of USD 14,460/mt before closing down USD 50/mt at USD 14,505/mt. Trading volumes were up 18 lots to 174 lots, and positions were down 8 to 19,114. Inventories grew 505 mt to 5,645 mt. The US dollar index moved at high levels due to growing expectations for US rate hike in December. China’s foreign trade data released this past week were well below forecasts. As such, LME tin prices took a hit. LME tin should test support at USD 14,400/mt Tuesday. SHFE 1601 tin headed toward RMB 90,000/mt mark on Monday night, and should move between RMB 90,500-92,000/mt on Tuesday. In China spot market, mainstream traded prices are expected between RMB 91,000-93,000/mt.