SHANGHAI, Mar. 3 (SMM) -- LME tin futures contract for delivery in three months opened at USD 32,000/mt overnight, and closed at USD 31,550/mt, down by USD 700/mt from a day earlier, with the highest price at USD 32,250/mt and the lowest price at USD 31,475/mt. Daily trading volumes were 536 lots and positions were 20,356 lots. LME tin inventories were up by 225 mt to 17,745 mt.
LME base metal prices largely ended with losses on Wednesday, as oil price hike and weak equity market weighed on base metal markets. Transactions of LME tin futures contract were sluggish, given that investors were cautious with the approach of CPC and CPPCC. Prices fluctuated lower during the European trading hours and slipped to the lowest at USD 31,000/mt, with prices closing significantly lower from a day earlier.
Crude oil futures prices continued to surge on Wednesday, further weighing on base metal market, because of the International Energy Agency's statement that crude oil output cut in Libya from political unrest shall be higher than expectation.
Close attention should be paid to the Middle East and the US non-farm employment report due on Friday. Based on recent performance, LME tin prices received relatively strong support at USD 31,000/mt, and market sentiment was still sluggish due to political unrest in North Africa and the Middle East. SMM believes that LME tin prices will largely fluctuate at high level, with current short-term resistance at USD 32,500/mt and support at USD 31,000/mt.
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