SHANGHAI, Nov.29 (SMM) -- Last Friday, LME tin market opened at USD 24,050/mt and closed at USD 24,200/mt, down by USD 175/mt from a day earlier, with the highest price at USD 24,400/mt ant the lowest price at USD 23,800/mt. Daily trading volumes were 173 lots and positions were 18,799 lots. LME nickel inventories were up by 95 mt to 14,830 mt.
LME base metal prices mostly ended with losses last Friday, due to US dollar surge as well as lingering concern over European debt crisis and another interest rate hike in China. The slip of euro against US dollar is mainly due to investors’ purchase of US dollar as a safe heaven amid unrest from European debt issue. In this context, the US dollar successfully stood above 80. Market participants told that Portugal denied report on asking financial support, casting a shadow on European concern.
SMM expects LME base metal prices will continue to be weighed, and LME tin prices will receive certain support at USD 24,000/mt on November 29th.
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