LME tin opened at USD 15,175/mt on Thursday. The metal touched day’s high of USD 15,175/mt and day’s low of USD 14,705/mt before closing down USD 395/mt at USD 14,805/mt. Trading volumes were up 68 lots to 201 lots, and positions were down 36 to 19,169. Inventories grew 10 mt to 6,805 mt. The price decline was due mainly to exit of longs. US economic data released overnight were mixed. Negotiation over the Greek debt crisis drags on. The University of Michigan’s US consumer confidence index will bear close watching today. The US dollar will stay elevated on expectations for a possible interest rate hike in the US. LME tin is expected to move at USD 14,600-15,100/mt on Friday.
SHFE 1507 tin contract fell to RMB 110,450/mt during Thursday’s night session, but then rebounded to RMB 111,000/mt as longs entered. The recent price decline was accompanied with a fall in positions, indicating that investors lack confidence over the near-term price outlook. That said, longs opened positions when prices fell to low levels. SHFE 1507 tin contract is expected to move between RMB 111,000-113,000/mt on Friday. In domestic spot market, the inflow of less famous brand tin might drag mainstream traded prices down to RMB 112,500-114,000/mt.
Zhejiang Yaang Pipe Industry Co., Limited (www.yaang.com)