Metals News
SMM Morning Review - 2011/3/22 Tin Market
smm insight
09:40AM
Mar 22,2011
Source:SMM

SHANGHAI, Mar. 22 (SMM) -- LME tin futures contract for delivery in three months opened at USD 29,650/mt over night, and closed at USD 29,900/mt, up by USD 200/mt from a day earlier, with the highest price at USD 29,901/mt and the lowest price at USD 29,465/mt. Daily trading volumes were 244 lots and positions were 20,357 lots.  LME tin inventories were up by 60 mt to 18,250 mt.                                                      

LME base metal largely ended with losses on Monday, as market concern over economy recovery was renewed due to decline in the US home sales data LME tin prices fluctuated widely and closed with slight gains, with prices meeting resistance at USD 29,900/mt and receiving support at 60-day moving average.

The National Association of Retailers (NAR) announced on Monday that the annual rate of US existing home sales during the 2Q was 4,888,000, the lowest since November 2010, while the previous estimation was 5,150,000. The annual rate was down by 9.6%, while the expectation was down by 4.0%.The data indicates that the US real estate market was still sluggish.

Close attention should be paid to home price report due on Tuesday by the federal housing finance bureau. Global economy is weighed by many uncertainties like crude oil price hike, the Middle East unrest, tightening monetary policy from China and Japan's nuclear crisis. Investors closely watched these uncertainties, leading to relatively cautious trading sentiment at present. At present, LME tin prices meet resistant at USD 30,000/mt and receive support at USD 29,200/mt on March 22.

 

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