SHANGHAI, Aug. 4 (SMM) -- LME tin for delivery in three months opened at USD 27,100/mt and closed at USD 26,499/mt overnight, down by USD 801/mt from a day earlier, with the highest price at USD 27,300/mt and the lowest price at USD 26,350/mt. Daily trading volumes were 525 lots, down by 23 lots. Positions were 19,867 lots, up by 14 lots from a day earlier. LME tin inventories were up by 155 mt to 21,620 mt.
LME tin prices continued to tumble, with prices down by 2.9% from a day earlier. Supported by weak US dollar, LME tin prices were largely stable during the Asian trading hours. However, LME tin prices tumbled to hit a low of USD 26,350/mt and closed at USD 26,499/mt, down by USD 801/mt from a day earlier during the European trading hours, as economic data released by the US were quiet disappointing and since concern over the EU debt crisis was rekindled.
The US Institute of Supply Management (ISM) released on Wednesday that July’s PMI for non-manufacturing sector was 52.7, the lowest since February 2010 when the data was recorded of 52.7. Previous estimation of July’s PMI for non-manufacturing sector was 53.6, and the estimation was 53.3 for June. The US Department of Commerce announced that the US factory orders for June slipped by 0.8%, while market estimation was down by 0.7%. The reading was up by 0.6% in May. Revised durable goods orders for June were down by 1.9%, with initial reading of a decline by 2.1%% and May’s reading of an increase by 2.0%.
Data released on Wednesday from ADP Employer Services showed, the US private rolls in June increased by 114,000, up by 100,000 compared with previous estimation. However, the data failed to ease concern over the US economic growth.
LME tin prices were on downward track, and shall face risk to fall further in the short term. SMM expects decline in LME tin prices will be lowered, and LME tin prices will find support at USD 26,300/mt on Thursday. In the Shanghai tin spot market, spot tin prices will be heavily dampened by overnight's LME tin price slump. SMM expects, spot tin prices will move in the RMB 202,000-204,500/mt range on Thursday.