SHANGHAI, Mar. 16 (SMM) -- LME tin futures contract for delivery in three months opened at USD 29,850/mt overnight, and closed at USD 28,580/mt, down by USD 1,145/mt from a day earlier, with the highest price at USD 29,850/mt and the lowest price at USD 27,800/mt. Daily trading volumes were 753 lots and positions were 20,145 lots. LME nickel inventories were down by 10 mt to 17950 mt.
LME base metals slumped across the board on Tuesday, and pared certain losses at the tail of the trading from a weaker US dollar. Investors' concern over Japan's nuclear crisis dampened global equity market, weighing on commodity market and dragging down base metals. LME tin prices slipped significantly by 3.85%Prices fluctuated narrowly during the Asian trading hours, but slumped in the evening trading hours, reporting weak movement.
Value of global equity contracted by USD 1 trillion, and strong upward momentum of cotton and gold also waned. With the sharp decline of commodity and equity, investors turned to invest the US dollar in order to avoid risk.
Market focuses on result of Federal Open Market Committee interest rate meeting to be released tonight. LME tin prices fell below USD 29,000/mt. With the deterioration of nuclear leakage in Japan, panic sentiment is spreading. LME tin prices are expected to receive support at USD 28,000/mt. Close attention should be paid to development of Japan's nuclear leakage.
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