SHANGHAI, Nov. 19 (SMM) –LME tin opened at USD 14,680/mt on Wednesday. The metal touched day’s high of USD 14,745/mt and day’s low of USD 14,575/mt before closing up USD 5/mt at USD 14,575/mt. Trading volumes were down 64 lots to 105 lots, and positions were down 969 to 17,937. Inventories fell 170 mt to 5,295 mt. A firm US dollar due to expectations for rate hike and depressed euro zone economy will pressure base metals.LME tin has been weak recently, and should move between USD 14,400-14,600/mt on Thursday.
SHFE 1601 tin closed Wednesday’s night session at RMB 87,460/mt. Trading volumes were down 1,932 to 1,484 lots, and positions were up 72 to 3,950. The most active SHFE tin contract is expected to continue falling as all moving averages are negative, with prices expected between RMB 86,500-88,500/mt on Thursday. In China’s spot market, poor demand and inflow of hedged goods will send mainstream traded prices down to RMB 87,000-88,500/mt.