SHANGHAI, Dec. 24 (SMM) -- LME tin market opened at USD 26,700/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 26,545 mt. Daily trading volumes were 246 lots and positions were 20,298 lots. LME tin inventories were up by 230 mt to 15,525 mt. Cancelled warrants were 395 mt, accounting for 2.54% of total inventories. LME base metals largely ended with losses from profit-taking on Thursday. LME base metal prices were weighed during the Asian trading hours due to sluggish sentiment at SHFE metal markets, but advanced later during the European trading hours, with prices finally closing flat.
On Thursday, the US released a slew of positive economic data, consolidating economy recovery and improved economy recovery pace. According to the data, the US private spending in November was up by 0.4%, and previous estimation was up by 0.5%. The US initial jobless claim in the week ending on December 18th slipped to 420,000 and previous estimation was 420,000, while revised data from week earlier was 423,000 and initial one was 420,000. The US orders of durable goods in November slipped by 1.3% and previous estimation was down by 0.5%, while revised data in October was 3.1% and previous reading was down by 3.4%.
Trading sentiment was quiet before the Christmas holiday in the US and the EU, and any significant movement is not expected in the market. It is expected that LME tin prices shall continue fluctuating around USD 26,700/mt.
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