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.