SHANGHAI, Feb. 12 (SMM)--LME tin prices overnight opened at USD 31,500/mt, with the high end of USD 31,800/mt and the low end of USD 31,300/mt, and finally closed at USD 31,750/mt, up USD 150/mt from the previous trading day. Trading volumes were 332 lots, and total positions were 22,108 lots. Total inventories were 18,130 mt, up 75 mt. Cancelled warrants were 1,050 mt, accounting for 5.79% of total inventories.
LME base metals prices generally closed with gains on Friday. The previous political situations of Egypt dragged down LME metal prices. But news that Egyptian President Hosni Mubarak would step down on Friday boosted the risk appetite of investors. As a result, LME tin prices mostly fluctuated around USD 31,600/mt and closed with gains. However, China’s central bank raised interest rates on Tuesday, triggering concerns over metal demand from China. In this context, metal prices were weighed down in response. Tin prices will be mainly supported by strong demand.
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