SHANGHAI, May 18 (SMM) – Worries over global tin stocks will offer support to LME tin prices. But, weakness in other base metals will prevent LME tin from rising. LME tin should hover at highs, testing resistance at USD 20,400/mt. SHFE 1709 tin will face downward pressure if it fails to break through the 60-day moving average and should move between RMB 142,500-144,000/mt today.
In Shanghai spot tin market, strong LME and SHFE tin will support spot prices. But, weak demand will limit gains of spot prices. Mainstream traded prices are expected at RMB 139,500-142,000/mt.