SHANGHAI, Mar.10 (SMM) – On Wednesday, LME tin prices opened at USD 30,625/mt and closed at USD 29,648/mt, down USD 952/mt from a day earlier, with the highest price at USD 30,900/mt and the lowest at USD 29,502/mt. Transactions were 534 lots, and positions were 20,944 lots. LME tin stocks were 17,860 mt, up 50 mt.
LME base metals markets closed with losses on Wednesday, due to investors’ lower appetite from exacerbated Libyan tensions, as well as tumbling stocks. LME tin prices managed to keep stable largely, but were negatively affected at the tail of trading, due to growing concerns on metals demand from rising crude oil prices. Besides, PIMCO, the largest bond funds-management company in the world, gave a moderate assessment to relevant government bonds such as the US state loan, indicating investors’ anticipation of tight monetary policies from the US. In response, LME tin prices fell significantly after the LME copper market expanded losses, with tin prices finding support at USD 29,500/mt.
Close attention should be paid to global crude prices and base metals demand. Short-tem LME tin prices are targeting at USD 30,000/mt currently, and will test support at the USD 29,000/mt mark.
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