SHANGHAI, Dec.1 (SMM) -- On Tuesday night, LME tin market opened at USD 24,000/mt and finished at USD 24,470/mt, up by USD 545 mt from a day earlier, with the highest price at USD 24,475/mt and the lowest price at USD 23,700/mt. Daily trading volumes were 242 lots and positions were 19,010 lots. LME nickel inventories were up by 280 mt to 15,050 mt.
Boosted by better-than-expected macro economic data and coupled with investment portfolio adjustment at the end of November, base metal prices ended with gains on Tuesday night. The US dollar index closed high at 81.268 overnight, while metal price performance was out of impact from US dollar as some investors took the opportunity to increase dip-buying. The US consumer confidence index in November climbed to 54.1, the highest in 6 months, while the revised data in October was 49.9. Chicago Purchasing Managers‘Index (PMI) in November climbed to 62.5 from 60.6 in October, also higher than expectation of 59. The upbeat consumer confidence index from US will help Dow Jones industry index pare early losses and will also boost London equity market. Investors are suggested to pay attention to tin fundamentals. It is expected that tin prices will have room to rise significantly due to supply restriction in the following few years.
SMM believes that LME tin prices will move above USD 24,000 on December 1st.
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