SHFE Tin to Follow up LME Tin (2017-10-09)

SHANGHAI, Oct. 9 (SMM) – LME tin briefly climbed above USD 20,900/mt, but quickly fell back, a sign of big resistance at the price mark. In the short term, LME tin is estimated to fluctuate at the previous price range to look for direction, with support available at USD 20,400/mt.

SHFE tin will resume trading from Monday after the week-long holiday in China, and will track price movements on the LME tin, with price range expected at RMB 145,500-147,000/mt.

In China’s domestic spot market, supply is expected to be sufficient as domestic smelters, which were under normal operations over the holiday period, will face sales pressures, with spot prices expected between RMB 143,000-144,500/mt.