SHANGHAI, Mar. 30 (SMM) -- LME tin futures contract for delivery in three months opened at USD 31,500/mt over night, and closed at USD 31,700/mt overnight, up by USD 200/mt from a day earlier, with the highest price at USD 31,700/mt and the lowest price at USD 30,950/mt. Daily trading volumes were 302 lots and positions were 20,936 lots. LME tin inventories were up by 50 mt to 18,155 mt.
LME base metal prices closed with gains on Tuesday, as the US dollar weakened and concern over tight monetary policy from the US relieved to certain extent. LME tin prices were weighed during the Asian trading hours on March 29, but were boosted to pare certain losses and closed above all moving averages due to support from firm US equity market.
Lower-than-expected US consumer confidence unexpectedly boosted base metals, as the US dollar slipped and since concern over the Federal Reserves' tight monetary policy eased to certain extent. The US Conference Board released March's consumer confidence index of 63.4 and the revised data for February was 72.0, while market previous estimation was 63.0.
According to latest monitor, Japan's nuclear crisis is still severe. Investors' attention refocused on its latest development. In addition, China is expected to adopt prudent monetary policy and may increase interest rate near this weekend, which also becomes one of recent market focuses. SMM believes that LME tin prices will fluctuate at high level on March 30, with current resistance at USD 32,000/mt, and support at USD 31,000/mt. Boosted by overnight LME tin price rally, spot prices are expected to stabilize and may move around RMB 200,000/mt.
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