SHANGHAI, Feb. 10 (SMM)--LME tin prices overnight opened at USD 31,498/mt, with the high end of USD 31,650/mt and the low end of USD 31,150/mt during the day, and finally closed at USD 31,250/mt, down USD 150/mt from the previous trading day. Trading volumes were 366 lots, and total positions were 22,170 lots. Inventories fell by 500 mt to 18,260 mt. Cancelled warrants were 1,760 mt, accounting for 9.64% of the total inventories.
Most LME base metal prices closed with declines on Wednesday. LME tin prices fluctuated narrowly around USD 31,400/mt, with prices flat at the record high on Tuesday of USD 31,650/mt, but then fell due to the weakening stock markets.
Metal prices were weighed down on speculations that China’s interest rate hike will curb industrial metal demand, despite the weakened US dollar index. But declines of prices were limited. Investors are absorbing near-term demand declines given serious inflation and currency surplus. However, some market players stood on the sidelines due to uncertain Chinese policies and possibilities of China’s further tightening policies.
Tin prices were still on the rise on concerns over Indonesian tin supply shortages and due to supports from long positions. Tin prices were supported at USD 31,000/mt, and will rise to test USD 31,500/mt.
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