SHANGHAI, Mar. 4 (SMM) -- LME tin futures contract for delivery in three months opened at USD 31,550/mt overnight, and closed at USD 31,625/mt, up by USD 75/mt from a day earlier, with the highest price at USD 31,850/mt and the lowest price at USD 31,480/mt. Daily trading volumes were 229 lots and positions were 20,742 lots. LME tin inventories were up by 35 mt to 17,780 mt.
LME base metal prices closed higher on Thursday, supported by firm equity market and decline in oil prices. Trading sentiment was quiet. Prices largely fluctuated narrowly and closed slightly higher.
The European Central Bank decided to keep interest rate unchanged at 1%, and Trichet stated that close attention will be paid to inflation in the euro zone and may hike interest rate in April. International society is making effort to calm political unrest in Libya, and it is reported that Gaddafi has already accept Venezuela president Hugo Chávez's proposal to end domestic crisis. The continuing unrest in the Libya may experience turning point. In response, panic sentiment waned and international oil prices fell from high on March 3. The initial jobless claim unexpectedly fell to 368,000, indicating that the US employment market is recovering. The US equity market rallied by 1.5-1.8%, with the Dow Jones Industrial Average up by 191.40 points to 12258.20 points. In domestic market, the fourth session of the 11th National Committee of the CPPCC was held at 15:00 on March 3 at the Great Hall of the People, and market closely watches the latest movements of the meeting.
Recent news was mixed, and fluctuation of base metals may widen. Based on current performance, LME tin prices received relatively strong support at USD 31,000/mt and resistance at USD 32,500/mt.
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