SHANGHAI. Jan. 21 (SMM) -- On Tuesday night, LME tin prices continued to test USD 18,000/mt, reaching the highest level at USD 18,100/mt and touching the lowest level at USD 17,600/mt. Buying increased when prices fell down, and prices closed at USD 18,035/mt. On Wednesday, affected by the news that many Chinese commercial banks would restrict grant to new loans in January 2010, US dollar rebounded. Prices of all base metals were depressed, and LME tin prices fell to USD 17,800/mt.
LME tin prices faced greater pressure to move up USD 18,000/mt and supply of unknown brand tin increased in the market, which helped depress tin prices in shanghai market. On Wednesday, shanghai tin prices continued to drop, and downstream consumers still adopted a wait-and-see attitude. Goods from Nanshan Tin Solder Co., Ltd and Pinggui Mining Bureau dominated market transactions with traded prices in the RMB 139,000-141,000/mt range, while transactions of goods from Yunnan Tin Group were rarely seen in the market. Major brand smelters still kept offers firm, but traders' interest in moving goods increased with offers in the RMB 141,000-142,000/mt range as they were worried that prices might fall from high levels.
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