SHANGHAI, Jan. 12 (SMM) -- On Friday night, although LME tin prices experienced a decline and once fell below USD 17,300/mt, prices closed with rebound at USD 17,34O/mt after decline of US dollar. On Monday, LME tin prices continued to advance above USD 17,700/mt. However, it was still worth noting that RSI weakened significantly, and KDJ indicated unclear price trend. LME tin prices have been kept rising since mid-December of 2009 with steady growth by more than 15%, and possibility for prices facing risks at high levels were increasing gradually.
In the Shanghai tin market, Yunnan Tin Group increased offers to RMB 140,000/mt again on Monday to show its determined optimistic view towards market outlook, but downstream price acceptance was low. Mainstream traded prices were still around RMB 131,000-131,200/mt range. Inquires increased along with steady climb of LME tin prices after 3:00 pm. Offers from cargo-holders also climbed steadily from RMB 134,000/mt. Although there were only few transactions in the market and it still took time for downstream consumers to accept increase prices, increased offers will lay a solid foundation for prices increases on Tuesday.
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