MARKET TALK: LME Tin Overbought, Due For Correction -Standard

LME tin likely to undergo sustained correction as market extremely overbought, technical charts bearish, says Standard Bank. LME 3-month tin untraded in Asia, last quoted at $13,300/ton, +$50 on London PM kerb, fell $550 in London overnight. Standard says tin's formed minor top at $14,650/ton, breakthrough of $13,050 should trigger retracement toward $11,650-$12,425 level. If tin remains above $13,050, may consolidate but unlikely to make new highs.