SHANGHAI, Jul. 4 (SMM) -- LME tin for delivery in three months opened at USD 25,905/mt and closed at USD 25,650/mt Friday night, down by USD 300/mt from a day earlier, with the highest price at USD 26,050/mt and the lowest price at USD 25,650/mt. Daily trading volumes were 191 lots, down by 19 lots. Positions were 18,217 lots, up by 52 lots from a day earlier. LME tin inventories were up by 235 mt to 22,385 mt.
The mixed economic data released last Friday made base metal prices volatile. LME tin prices moved stably during the Asian trading hours last Friday due to eased concern following approval of austerity plan in Greece. However, base metal prices were volatile and LME tin prices fell to closed at USD 25,650/mt due to mixed economic data.
China’s official PMI for June was lower than expectation, weighing on base metal prices, with June’s PMI falling from 52.0 in May to current 50.9, down by 1.1 percentage points and the lowest in 28 months. China’s official PMI only rebounded briefly in March, suggesting lowering trend of economic growth.
However, better-than-expected manufacturing data lent upward momentum to base metal prices later. The US manufacturing data for June from ISM was 55.3, far higher than previous estimation of 51.8 and May’s 53.5, rallying for 23 consecutive months.
The Greek parliament passed austerity plan, which eased market sentiment in the short term and boosted euro. In this context, base metal prices were boosted. SMM believes that LME tin prices will continue to hover at high level, with current resistance at USD 26,000/mt, and support at USD 25,600/mt on Monday. Spot tin price will be affected last Friday’s LME tin price decline, but will not fall significantly today. SMM expects, spot tin prices will move in the RMB 190,500-192,500/mt range on Monday.
Copyright © SMM. All Rights Reserved
None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: firstname.lastname@example.org