SHANGHAI, Dec. 22 (SMM) -- LME tin market opened at USD 25,905/mt and ended at USD 26,750/mt overnight, up by USD 600/mt from a day earlier, with the highest price at USD 26,999/mt and the lowest price at USD 25,905/mt. Daily trading volumes were 402 lots and positions were 19,780 lots. LME tin inventories were down by 35 mt to 15,240 mt. Cancelled warrants were 35 mt, accounting for 2.17% of total inventories. LME base metal rallied across the board, with LME copper prices hitting a new record and LME tin prices advancing by USD 600/mt or up by 2.29%.
Although Christmas holiday is approaching, investing enthusiasm is still high in the marekt. Strong import data and supply concern from China continue to push copper prices, and other base metal prices also advanced. The US Department of Commerce will announce final GDP in Q3, and market expects growth in GDP. In addition, the US equity markets also rallied, lending support for base metals. Fluctuation range of base metal prices widened during the pre-holiday periods, and risks also grew along with surging prices since economic climate has not stabilized. China’s credit target and expectation of possible interest rate hike before the end of 2010 may both weigh LME base metal prices.
SMM expects LME tin prices will move between USD 26,000-27,000/mt on December 22nd.
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