SHANGHAI, Nov. 18 (SMM) –LME tin opened at USD 14,660/mt on Tuesday. The metal touched day’s high of USD 14,775/mt and day’s low of USD 14,525/mt before closing down USD 110/mt at USD 14,570/mt. Trading volumes were down 22 lots to 169 lots, and positions were down 23 to 18,906. Inventories fell 5 mt to 5,465 mt. The decline is due mainly to a stronger US dollar. US manufacturing activity picked up slightly in October, but US industrial output fell 0.2%. Despite mixed economic data, expectations remained high for US rate hike in December, favoring the US dollar. LME tin should move between USD 14,400-14,800/mt on Wednesday.
SHFE 1601 tin moved at low levels on Tuesday night, and should move at RMB 88,000-89,000/mt on Wednesday. In China’s spot market, poor market sentiment will push mainstream traded prices down to RMB 88,000-90,500/mt.