LME Tin to Move at Lows (2017-2-24)

SHANGHAI, Feb. 24 (SMM) – Attention should be on Canada’s January CPI report, US’s February Michigan consumer sentiment index and monthly January new home sales on Friday. LME tin approached to the previous lowest level and found support at USD 18,600/mt. The declin is expected to slow down on Friday and the contract will fluctuate at lows. SHFE 1705 tin kept dropping with falling LME tin and found support at RMB 142,000/mt on Thursday’s night trading. SHFE 1705 tin will trade at RMB 143,000-146,000/mt and will drop further in a short term.

In China’s domestic market, falling SHFE 1705 tin kept weighing down spot tin prices. This, combined with oversupply, will weigh down spot tin prices. Spot tin should trade at RMB 144,500-146,500/mt on Friday.