SHANGHAI, Oct. 28 (SMM) –LME tin opened at USD 15,435/mt on Tuesday. The metal touched day’s high of USD 15,595/mt and day’s low of USD 15,350/mt before closing down USD 145/mt at USD 15,350/mt. Trading volumes were down 75 lots to 198 lots, and positions were down 429 to 20,008. Inventories fell 30 mt to 4,510 mt. US consumer confidence index unexpected fell to 97.6 in October. Caution will prevail before the US Fed announces its policy decision. LME tin should test support at USD 15,000/mt on Wednesday.
SHFE 1601 tin should move between RMB 96,500-97,500/mt. In China’s spot market, the pullback in LME tin will dampen market sentiment. Mainstream traded prices are expected between RMB 95,000-97,000/mt.