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SMM Morning Review - 2010/12/8 Tin Market
Dec 8, 2010 09:39SHANGHAI, Dec. 8 (SMM) -- LME tin market opened at USD 25,650 mt and ended at USD 25,250/mt overnight, down by USD 250/mt from a day earlier, with the highest price at USD 26,350/mt and the lowest price at USD 25,150 mt. Daily trading volumes were 395 lots and positions were 19,679 lots. LME tin inventories were up by 30 mt to 15,700 mt.
Supported by buying from China during the Asian trading hours and from stronger euro, LME base metal rallied, with LME tin prices testing the highest at USD 26,350/mt. Later, bullish sentiment from preferential tariff cut extending plan gradual waned and concern over China’s further monetary tightening still lingered in the market. In addition, the euro weakened versus the US dollar. In this context, LME tin prices gradual slipped and closed with losses. Supply shortage still lends support for tin prices. In addition, the approval of base metal ETCs products also lends support for base metal prices. Currently, market is focusing on December’s economic index and whether or not China will adopt further monetary tightening polices, including interest rate hike.
It is expected that LME tin prices will move between USD 25,000-25,500/mt on December 8th.
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