SHANGHAI, Mar. 1 (SMM) -- LME tin prices opened at USD 31,950/mt overnight, and closed at USD 32,349/mt, up by USD 299/mt from a day earlier, with the highest price at USD 32,400/mt and the lowest price at USD 31,850/mt. Daily trading volumes were 345 lots and positions were 19,988 lots. ME tin inventories were up by 45 mt to 17,675 mt.
LME base metal prices continued rebounding and base metals prices rallied across the board on Monday, as improved economic outlook boosted investors' confidence and because fund buying at the month-end lent certain support. LME tin prices fluctuated widely but closed higher, largely moving above all moving averages. Strong economic data from the US and weaker US dollar, coupled with improved confidence in global economy growth from decline in crude oil price, offset negative impact from the Middle East unrest.
Economic data from the US show that personal spending for January grew slightly and the Chicago Purchasing Managers Index for February climbed to 22.5-year high. In addition, an offical from the Federal Reserve states that the US economy will be positive in 2011 and oil price increase from the Middle East unrest has not yet dragged down economy recovery. What's more, base metal prices also received support from exchage market. The US dollar index slipped to 3.5-month low, and may slip further, due to expectation that the Federal Reserve Ben Bernake will continue to support economic stimulus policy.
LME tin prices continued to rise after rebounding last Friday and closed near previous high Although tin prices experienced corrections due to political unrest in the Middle East and North Africa, supply shortage will support tin prices in the long run. At present, LME tin prices meet short-term resistance at USD 32,500/mt, and support at USD 31,000/mt.
Copyright © SMM. All Rights Reserved
None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: service.en@smm.cn
