SHANGHAI, Dec. 16 (SMM) -- LME tin market opened at USD 26,295/mt and closed at USD 25,801/mt overnight, down by USD 299/mt from a day earlier, with the highest price at USD 26,300/mt and the lowest price at USD 25,801 mt. Daily trading volumes were 277 lots and positions were 20,021 lots. LME tin inventories were up by 20 mt to 15,645 mt. Cancelled warrants were 1,175 mt, accounting for 7.51% of total inventories.
The euro versus the US dollar index slipped significantly following announcement from the US Federal Reserve. The US dollar index surged above 80, and base metal prices were weighed down as a result, with LME tin prices weakening at the tail of the trading. A summit of EU leaders will be held in Brussels on Thursday and Friday, and market expects consensus will be reached on finding an effective measure to address the European sovereign debt crisis. Initial jobless claims, continuing Jobless Claims as well as Philadelphia Fed's manufacturing index will be released tonight. WBMS announced on Wednesday that global tin supply from January to October in 2010 was in 15,700 mt deficit. Meanwhile, tin demand from January to October was 309,700 mt, up by 18.7% from a year earlier.
Weighed by European debt crisis, China’s possible interest rate hike and the US monetary policy, SMM believes that LME tin prices will remain volatile around USD 26,000/mt on December 16th.
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