SHANGHAI, Jun. 5 (SMM) –LME tin will face downward pressure and test support at USD 20,000/mt today due to poor US non-farm payrolls and risk aversion triggered by terrorist attack before election in the UK. SHFE 1709 tin will head to RMB 140,000/mt if it fails to hold onto the 40-day moving average, and should move mainly between RMB 142,000-144,000/mt today.
In Shanghai spot tin market, weak SHFE tin and oversupply will send mainstream traded prices down to RMB 139,500-141,500/mt.
Key Macroeconomic Indicators for Base Metal Prices (2017-6-5)