SHANGHAI, Feb. 1 (SMM) – The LME tin market overnight opened at USD 29,600/mt, and closed at USD 30,240/mt, with the highest and lowest level of the day at USD 30,240/mt, and USD 29,600/mt, up USD 739/mt. Trading volumes for the whole trading day were 290 lots, and positions were 21,015 lots. Inventories were 17,615 mt, down 20 mt. Cancelled warrants were 1,570 mt, accounting for 8.91% of the inventories.
Supported by steady base metal demand in China and the US, LME base metal market closed higher across the board. LME tin prices set a new record high of USD 30,240/mt due to concerns over tin supply from Indonesia.
The US Department of Commerce announced on January 31st that the US personal spending for December rose 0.7%, higher than the projected 0.5%, and meanwhile the Chicago PMI data reached 68.8, the highest level since July 1988. The projected level was 65.0. The favorable US economic data boosted market confidence.
On Monday, the euro gained against the US dollar, as markets expect that the European Central Bank will raise interest rates at an earlier time due to rising inflationary pressures. Market players are now waiting for the PMI data from China and the US manufacturing sector due on Tuesday.
Although LME tin prices set a new record high, trading volumes dropped, a sign of market caution at high levels. LME tin prices are expected to fluctuate at around USD 30,000/mt on Tuesday.
Copyright © SMM. All Rights Reserved
None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: firstname.lastname@example.org