SHANGHAI, Mar. 14 (SMM) -- LME tin futures contract for delivery in three months opened at USD 29,800/mt overnight, and closed at USD 29,700/mt, unchanged from a day earlier, with the highest price at USD 29,800/mt and the lowest price at USD 29,000/mt. Daily trading volumes were 319 lots and positions were 20,983 lots. LME tin inventories were down by 110 mt to 18,050 mt.
LME base metal prices largely ended with slight losses last Friday. LME tin prices closed flat, with prices advancing later to pare early losses. The strong earth quake in Japan didn't lead to significant decline of futures price, as market expected growing demand for metals after the earthquake.
Prices stabilized to certain extent after deep correction, but concerns over global economy outlook dampened market sentiment. Negative factors such as Japan's earthquake, China's inflation, the Fed Reserves’ meeting, Middle East tension as well as the European debt crisis all added uncertainties over economic recovery outlook, weighing on base metal prices to great extent. LME tin prices moved between 5-30 day moving average at present, and downward pressure is increasing. SMM expects that LME tin prices will receive support at USD 29,000/mt and meet resistance at USD 30,000/mt on March 14.
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