SHANGHAI, Jul. 15 (SMM) –LME tin opened at USD 14,660/mt on Tuesday. The metal touched day’s high of USD 14,725/mt and day’s low of USD 14,400/mt before closing down USD 135/mt at USD 14,575/mt. Trading volumes were down 229 lots to 207 lots, and positions were up 616 to 20,582. Inventories grew 55 mt to 7,240 mt. Many obstacles still lied ahead for Greece. Falling Chinese stocks market also dampened investor sentiment. As such, LME tin closed with losses. China’s Q2 GDP data will bear close watching today. LME tin should hover around USD 14,500/mt on Wednesday.
SHFE 1509 tin contract should move at RMB 107,000-110,000/mt on Wednesday. In Shanghai spot market, supply might increase after delivery of SHFE front-month tin contract, which will pressure tin prices. Mainstream traded prices are expected at RMB 111,000-113,000/mt.
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