SHANGHAI, Dec. 15 (SMM) -- LME tin market opened at USD 26,299 mt and ended at USD 26,100/mt overnight, up by USD 50/mt from a day earlier, with the highest price at USD 26,450/mt and the lowest price at USD 25,950 mt. Daily trading volumes were 253 lots and positions were 20,697 lots. LME tin inventories were up by 270 to 15,625 mt. Cancelled warrants were 1,355 mt, accounting for 8.6% of total inventories. LME base metal prices ended mixed on Tuesday, and LME tin prices closed with slight gains, reaching to a monthly high of USD 26,450/mt.
Demand for perceived riskier assets declined across the financial markets during European afternoon hours as market participants shied away from any bold moves ahead of the minutes from the Fed's Open Market Committee, which should highlight the central bank's view on developments in the economy and possibilities for further stimulus. In addition, Fed’s announcement didn’t mention recent yields on US government bond, leading to continuous yields increase of the US 10 year state bonds. In this context, the US dollar index met resistant to fall deeper after hitting 78.8, weighing on base metals on the tail of the trading.
Fed still kept its USD 600 billion quantitative easing unchanged, indicating that commodity prices are tend to advance further. It is expected that LME tin prices will test whether or not support is available at USD 26,000/mt.
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