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SMM Morning Review - 2010/12/23 Tin Market
Dec 23,2010 09:50CST
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SHANGHAI, Dec. 23 (SMM) -- LME tin market opened at USD 26,651/mt and closed at USD 26,750/mt overnight, unchanged from a day earlier, with the highest price at USD 26,850/mt and the lowest price at USD 26,350 mt. Daily trading volumes were 332 lots and positions were 20,023 lots. LME tin inventories were up by 55 mt to 15,295 mt. Cancelled warrants were 415 mt, accounting for 2.71% of total inventories. LME base metal largely fluctuated and ended with losses from profit-taking on Wednesday, with LME tin prices moving higher after a low open but finally closing flat.

According to data from the US Department of Commerce, the final annual rate of GDP in 3Q was up by 2.6%, lower than previous estimation of 2.8% from analysts, while previous reading was up by 2.5%.  National Association of Realtors (NAR) announced on Wednesday that, the US seasonally adjusted annual rate of home sales in November was 4.68 million, the reading was 4.33 million in October, while the previous data was 4.43 million. The data exerted limited impact on the market.

Holiday sentiment was strong amid financial markets, and trading sentiment was neutral. The US equity market extended gains. Trading sentiment in domestic commodity market was very crucial at the last two trading days before Christmas holiday. The US will release a slew of economic data tonight, including November’s consumer spending, durable goods orders and final consumer confidence index in December, which are expected to be positive by the market. Currently, LME tin prices receive support at USD 26,200/mt and meet resistance at USD 27,000/mt.


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