SHANGHAI, Aug. 26 (SMM) –LME tin opened at USD 14,135/mt on Tuesday. The metal touched day’s high of USD 14,400/mt and day’s low of USD 14,100/mt before closing up USD 45/mt at USD 14,100/mt. Trading volumes were down 372 lots to 324 lots, and positions were up 110 to 21,101. Inventories fell 100 mt to 7,490 mt. China’s unexpected interest rate and RRR cuts drove a rally in base metals. LME tin should test support at USD 14,000/mt on Wednesday.
SHFE 1509 tin contract should move between RMB 100,500-102,500/mt. In Shanghai spot market, mainstream traded prices are expected between RMB 102,500-104,500/mt.