SHANGHAI, Feb. 21 (SMM) -- LME tin prices opened at USD 32,350/mt Friday night, and closed at USD 32,250/mt, up by USD 510/mt from a day earlier, with the highest price at USD 32,350/mt and the lowest price at USD 31,425/mt. Daily trading volumes were 486 lots and positions were 19,726 lots. LME tin inventories were 17,610 mt, unchanged from a day earlier. Cancelled warrants were 730 mt, accounting for 4.15% of total inventories.
LME base metal prices ended with gains last Friday, paring partial losses. After fluctuation, LME tin prices advanced and ended with gains from weaker US dollar.
China's central bank announced last Friday to raise bank requirement reserve ratios by 0.5 percentage points from February 24th, the second of its kind on 2011.The news weighed on base metal prices, but prices later rebounded to flat.
LME tin prices resumed upward momentum immediately after brief correction. A large amount of dip-buying occurred during correction of LME tin prices, indicating that investors were still bullish towards tin price outlook and that upward momentum of LME tin prices is growing. At present, LME tin prices receive support at USD 31,000/mt and point to USD 33,000/mt.
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