SHANGHAI, Nov. 9 (SMM) –LME tin opened at USD 14,665/mt on Friday. The metal touched day’s high of USD 14,700/mt and day’s low of USD 14,500/mt before closing flat at USD 14,555/mt. Trading volumes were down 112 lots to 156 lots, and positions were down 63 to 19,122. Inventories fell 60 mt to 5,140 mt. US non-farm sector added 271,000 jobs in October, well above expectations for 184,000 and also beating figures in previous two months. The US dollar index thus shot up, pressuring base metals. China’s foreign trade data for October were well below forecasts, leaving room for the central government to roll out more stimulus measures. LME tin should test support at USD 14,400/mt and meet resistance at USD 14,800/mt on Monday.
SHFE 1601 tin should remain weak between RMB 91,200-92,200/mt on Monday. In China spot market, downstream buying will be tepid, and mainstream traded prices are expected between RMB 91,500-93,500/mt.
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