SHANGHAI, Aug. 18 (SMM) -- LME tin for delivery in three months opened at USD 24,100/mt and closed at USD 24,180/mt overnight, up by USD 280/mt from a day earlier, with the highest price at USD 24,620/mt and the lowest price at USD 24,000/mt. Daily trading volumes were 287 lots, down by 279 lots. Positions were 20,240 lots, up by 94 lots from a day earlier. LME tin inventories were up by 130 mt to 23,010 mt.
LME tin prices advanced for most of the time overnight, and hit a high of USD 24,620/mt. At tail of the trading, LME tin prices were dampened to close at USD 24,180/mt, but were still up by USD 280/mt from a day earlier. The weak US dollar supported base metal prices. In addition, market sentiment was boosted and risk appetite improved after the US retailers announced strong earnings and performance, which sent base metal prices higher across the board.
According to data from WBMS, global tin supply was in surplus of 2,200 mt from January to June 2011. Aside from LME secondary tin, global refined tin output was up by 10,100 mt YoY.
SMM believes that LME tin prices will meet resistance at USD 24,600/mt, and find support at USD 23,800/mt on Thursday due to lack of solid news. Boosted by overnight LME tin price increase, and supported by tight supply, spot tin prices are expected to move in the RMB 196,500-198,000/mt range on Thursday.