SHANGHAI, Dec. 7 (SMM) -- LME tin market opened at USD 25,750/mt and ended at USD 25,500/mt overnight, down by USD 50/mt from a day earlier, reaching the highest at USD 25,750/mt and touching the lowest at USD 25,190/mt. Daily trading volumes were 95 lots and positions were 19,905 lots. LME tin inventories were up by 50 mt to 15,670 mt.
Trading inventories were quiet on Monday, and LME tin prices slipped after a high open. Federal Reserve Chairman Ben Bernanke announced that the US economy will not return to recession, helping support market. However, the European debt issue lingers and the euro versus the US slipped from profit-taking. It is reported that opinions were divided on how to curb fiscal crisis in the euro zone. According to report from BNP Pariba, tin is the only product face supply shortage in 2010, and it is expected that global tin supply deficit will be 23 kt in 2011, which is quite considerable amount compared to this year. Supply shortage will lend strong support for tin prices. However, expectation of interest rate hike before the end of 2010 will be the biggest concern.
SMM believes that LME tin prices may move around USD 24,000/mt on November 30th.
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