SHANGHAI, May 12 (SMM) –LME tin opened at USD 16,050/mt on Monday. The metal touched day’s high of USD 16,110/mt and day’s low of USD 15,680/mt before closing down USD 270/mt at USD 15,730/mt. Trading volumes were up 5 lots to 175 lots, and positions were down 262 to 19,281. Inventories were fell 75 mt to 8,715 mt. LME tin is expected to move between USD 15,600-16,000/mt on Tuesday.
SHFE 1507 tin contract lost RMB 1,500/mt during Monday’s night session. The contract is expected to fall further to RMB 119,000-121,000/mt on Tuesday.
In domestic spot market, suppliers will hold back goods, while downstream producers will show little buying interest. Mainstream traded prices are expected between RMB 119,000-121,000/mt.