SHANGHAI, Mar. 23 (SMM) -- LME tin futures contract for delivery in three months opened at USD 29,800/mt over night, and closed at USD 30,150/mt, up by USD 250/mt from a day earlier, with the highest price at USD 30,200/mt and the lowest price at USD 29,725/mt. Daily trading volumes were 184 lots and positions were 20,317 lots. LME nickel inventories were down by 45 mt to 18,205 mt.
LME base metals largely ended with gains on Tuesday due to growing risk appetite from eased concern over Japan's nuclear crisis and also by virtue of support from weaker US dollar. Trading sentiment of LME tin futures was quiet. LME tin futures contract prices fluctuated narrowly during the Asian trading hours, but advanced all the way during the European trading hours to meet resistance at USD 30,000/mt.
The US dollar closed at 75.457 on March 22, despite slight rebound after hitting a 15-month low. Supply concern pushed NYSE crude oil price higher, pointing to USD 105/bbl.
Military intervention by many countries in Libya has become the major focus in the market at present. In addition, Japan's nuclear crisis and China's tightening monetary policy also added uncertainties on the market. Investors closely watched these uncertainties, leading to relatively cautious trading sentiment at present. Base metals have not yet stabilized. SMM expects that LME tin prices will continue to test support at USD 29,500/mt and will climb to test USD 30,000/mt on March 23.
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