SHANGHAI, Feb. 11 (SMM)--LME tin prices overnight opened at USD 31,350/mt, with the high end of USD 31,600/mt and the low end of USD 31,000/mt, and finally closed at USD 31,600/mt, up USD 350/mt from the previous day. Trading volumes were 331 lots, and total positions were 21,996 lots. Total inventories were 18,055 mt, down 205 mt. Cancelled warrants were 1,175 mt, accounting for 6.51% of the total inventories.
LME base metal prices generally closed with declines on Thursday due to rising US dollar index and weak demand from China. LME tin prices closed with slight gains, with prices mostly fluctuating between USD 31,000-31,350/mt and rising at the end of trading.
The US preliminary jobless claims for the week ending Feb. 5th fell to 383,000 compared to the forecast of 410,000. The figure for the previous week was revised to 419,000 from 415,000. Such preliminary jobless claims were the lowest level since the week ending July 5th, 2008, but hardly boosted the market since market players were focusing on China’s tightening monetary policies and the US dollar index trends.
Euro weakened versus the US dollar on Thursday due to negative news from Europe. Yields on Portuguese debts rose again, triggering concerns over European debts crisis. Meanwhile, news that Egyptian president Hosni Mubarak would step down on Thursday and would transfer some powers to his vice president weighed down the euro against the US dollar to dip to USD 1.3,577.
Tin prices continued to rise on concerns over tin supply shortages from Indonesia and due to continuous purchasing. LME tin prices were supported at USD 31,000/mt and will rise to test USD 31,650/mt.
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