SHANGHAI, Dec. 17 (SMM) -- LME tin market opened at USD 25,800/mt and closed at USD 26,195/mt overnight, up by USD 394/mt from a day earlier, with the highest price at USD 26,195/mt and the lowest price at USD 25,605 mt. Daily trading volumes were 268 lots and positions were 19,961 lots. LME tin inventories were up by 245 mt to 15,890 mt. Cancelled warrants were 1,260 mt, accounting for 7.93% of total inventories.
LME base metals largely ended with losses on Thursday due to firm US dollar, volatile equity market, cautious market sentiment and lingering concern over European debt issue. LME tin prices ended with gains and closed above USD 26,000/mt again due to support from continuous supply concern.
A summit of EU leaders will be held in Brussels for two days, and investors expected to receive guidance from the meeting, resulting in stagnant trading sentiment. EU leaders may announce new rescue plans to cope with difficulty in debt-ridden EU members.
In addition, renewed concern over China’s further tightening monetary policy as well as weak housing data from the US both weighed on market. Base metal shall continue remaining volatile, and SMM believes that LME tin prices will move around USD 26,000/mt on December 17th.
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