SHANGHAI, Jan. 10 (SMM) -- Last Friday, LME tin market opened at USD 26,275/mt and closed at USD 26,375/mt, up by USD 75/mt from a day earlier, with the highest price at USD 26,400/mt and the lowest price at USD 25,905/mt. Daily trading volumes were 188 lots and positions were 20,198 lots. LME nickel inventories were 16,705 mt, up by 150 mt. Cancelled warrants were 555 mt, accounting for 3.32%% of total inventories.
LME base metal prices largely ended with losses last Friday, and only LME tin prices closed with gains due to support from strong fundamentals. The weaker base metal prices are mainly due to rebound of the US dollar as well as mixed employment data from the US.
Non-farm employment data for December from the US were mixed. The data indicated declines in unemployment rate, but increases in new non-farm payroll were less than expected.
The annual reweightings of the commodity indexes have meanwhile officially begun, with zinc expected to see the most price volatility from the rebalancing of the Standard & Poor's Goldman Sachs Commodity Index and the Dow Jones UBS Commodity Index. The reweightings will be completed Jan. 14.
As LME tin prices failed to stand above USD 27,000/mt after testing USD 27,000/mt for several times, LME tin prices are expected to decline technically. Reweightings of tin commodity index may trigger wider price volatile, and LME tin prices are still expected to fluctuate weakly in the short term. At present, LME tin prices receive support at USD 25,500/mt and meet resistance at USD 27,000/mt.
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