SHANGHAI, Apr. 15 (SMM) -- LME tin for delivery in three months opened at USD 32,475/mt and closed at USD 32,480/mt last Friday, up by USD 180/mt from a day earlier, with the highest price at USD 32,700/mt and the lowest price at USD 32,000/mt. Daily trading volumes were 329 lots, up by 46 lots. Positions were 22,554 lots, up by 238 lots from a day earlier. LME tin inventories were up by 230 mt to 19,025 mt.
LME base metals largely ended with losses on Thursday, due to lower-than-expected economic data and decline in the stock market. LME tin prices fluctuated widely around 10-day moving average and met resistance at 5-day moving average, with prices hitting the lowest of USD 32,000/mt and closing above 10-day moving average. Technically speaking, LME tin price direction was not clear, but price performance was relatively firm compared to other base metals.
Base metal prices were weighed in the morning trading hours due to demand concern from China, and were further depressed by slip of the US equity market and two-month high of the US initial jobless claim. The US initial jobless claim in the week ending on April 9 climbed to 412,000, higher than expectation of 380,000. The jobless claim in the previous week was revised from 382,000 to 385,000.
The renewed European debt crisis fueled market concern over debt handling capability in Greece.
Fundamentally speaking, it is reported that Indonesia's tin output will grow significantly, which will weigh on tin prices to certain extent. At present, LME tin prices currently received support at 10-day moving average, and will continue to test stability at this level. In China's tin spot market, prices may still move around RMB 210,000/mt due to unclear LME tin price trend of weak market confidence.
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