LME Tin to Lack further Upward Momentum (2016-3-24)

Published: Mar 24, 2016 09:18

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LME tin hit a new high yesterday, but rally of US dollar will deprive LME tin of further upward momentum.

SHANGHAI, Mar. 24 (SMM) –LME tin hit a new high yesterday, but rally of US dollar will deprive LME tin of further upward momentum. LME tin should range USD 17,000-17,500/mt on Thursday.

Short selling sent SHFE 1605 tin down to RMB 109,030/mt during Wednesday’s night session, but long buying pushed the contract back up to RMB 110,690/mt. The most active contract is expected to move at RMB 109,000-111,000/mt today.

In Shanghai spot tin market, some cargo holders will be eager to sell at highs, and trading will be modest. Mainstream traded prices are expected at RMB 110,000-111,500/mt.

Key Macroeconomic Indicators for Base Metal Prices (2016-3-24)

LME tin prices SHFE tin prices tin prices Sn price base metal price forecast

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