SHANGHAI, Feb. 25 (SMM) -- LME tin prices opened at USD 31,725/mt overnight, and closed at USD 31,410/mt, down by USD 15/mt from a day earlier, with the highest price at USD 31,725/mt and the lowest price at USD 30,600/mt. Daily trading volumes were 428 lots and positions were 19,958 lots. LME tin inventories were up by 20 mt to 17,530 mt.
LME base metal performance was mixed on February 24. LME tin prices fluctuated lower during the Asian trading hours and expanded declines during the evening trading hours, but prices pared certain losses and closed above 20-day moving average from weaker US dollar and wide fluctuation of crude oil price.
Market stabilized to certain extent, given that market concern was eased to certain extent as crude oil prices slipped from high level. Investors mainly focused whether or not the Libyan unrest will spread to other major oil producing countries, which may further push energy price higher and finally slower global economy recovery.
However, market attention on a series of the US economic data released on Thursday was waned to certain extent. The decline in US initial jobless claim in the week ending on February 19th was higher than expected, while the new home sales data during January slipped significantly by 12.6%, with the previous estimation of 8.8%.
Base metal prices will continue to be weighed unless the tension in the Middle East is eased. SMM expects that LME tin prices will receive support at USD 31,000/mt on February 24.
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