Metals News
SMM Morning Review - 2010/12/3 Tin Market
smm insight
09:39AM
Source:SMM

SHANGHAI, Nov. 3 (SMM) -- LME tin market opened at USD 25,000/mt and closed at USD 25,550/mt overnight, up by USD 550/mt from a day earlier, with the highest price at USD 25,550/mt and the lowest price at USD 25,000 mt. Daily trading volumes were 338 lots and positions were 19,368 lots. LME tin inventories were up by 90 mt to 15,615 mt.

Boosted by strong US existing home sales data and from rebounding euro, LME base metal prices rallied across the board. The National Association of Realtors announced on Thursday that US pending home sales index in October was up by 10.4% MoM to 89.3, while previous estimation from analysts was down by 0.5%. The euro versus the US dollar advanced as the European Central Bank bought pubic debt of Portugal and Ireland and eased unrests of other European members. Although market has been dominated by European debt concern recently, the newly-released economic data indicated global recovery, leading to boosted sentiment from potential fundamental support.

SMM believes that LME tin prices will move around USD 25,000-25,500/mt on December 3rd.

 

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