Metal & Oil & Gas News –
LME tin opened at USD 22,900/mt on Thursday. The metal touched day’s high USD 23,000/mt and day’s low of USD 22,790/mt before closing down USD 50/mt at USD 22,900/mt. The price increase was largely driven by encouraging job gains in US private sector in June. Trading volumes contracted 363 lots to 190 lots, with positions up 214 lots to 22,232 lots. Inventories grew 155 mt to 11,715 mt.
Trading on the LME will be thin today since July 4th is the Independency Day in the US, with LME tin meeting resistance at USD 23,100/mt. In Shanghai physical tin market, despite weak demand, sellers will hold back at lower prices, with mainstream traded prices are expected between RMB 139,000-140,500/mt.
Source:SMM
