SHANGHAI, Jun. 15 (SMM) – As expected, the US Fed decided to raise rate by 25 basis points and predicted another hike later this year. Yellen said the US Fed may begin cutting balance sheet at a relatively early time. The US dollar rebounded quickly after the policy decision, but failed to break through resistance at moving averages. If the US dollar rises further as market continues digesting policy decision, base metals will face pressure. LME tin will test support at USD 18,600/mt and resistance at USD 19,600/mt. SHFE 1709 tin will move mainly at RMB 144,000-146,000/mt.
In Shanghai spot tin market, strong SHFE tin will support spot prices. Buyers will show low interest at high prices. Mainstream traded prices are expected at RMB 141,500-143,500/mt.