SHANGHAI, Dec. 9 (SMM) – LME tin is expected to test support at USD 14,350/mt on Wednesday, and look for support at USD 14,000/mt if it fails to hold onto USD 14,350/mt mark.
Positions for SHFE 1601 tin contract, whose delivery date is nearing, are relatively high. The contract should see its positions decrease and prices move between RMB 83,500-85,000/mt today.
See forecast for other base metals, please click: Shanghai Base Metal Prices to Diverge, Eying on China Data, SMM Says
In Shanghai spot market, ample supply of goods from Yunnan will put downward pressure on prices. In Guangdong spot market, cheap goods will be seldom found. Mainstream traded prices are expected at RMB 83,000-85,500/mt in these two major markets.