SMM Tin Market Morning Review (2015-11-13)

SHANGHAI, Nov. 13 (SMM) –LME tin opened at USD 14,685/mt on Thursday. The metal touched day’s high of USD 14,980/mt and day’s low of USD 14,500/mt before closing down USD 210/mt at USD 14,560/mt. Trading volumes were up 92 lots to 258 lots, and positions were up 398 to 18,864. Inventories grew 65 mt to 5,455 mt. Chinese economic data were disappointing. China’s M2 growth hit 15-month high at the end of October, while new lending in the month were well below expected. The euro softened against the US dollar following ECB president’s speech that hinted at possible more stimulus measures. LME tin will test support at USD 14,400/mt and meet resistance at USD 14,700/mt on Friday. 

SHFE 1601 tin was capped below the 5-day moving average during Thursday night session, and should move at RMB 90,000-91,000/mt on Friday. In China spot market, falling LME and SHFE tin will dampen market sentiment. Mainstream traded prices are expected to drop to RMB 89,500-92,000/mt.