SHANGHAI, Aug. 29 (SMM) -- Last Friday, LME tin prices opened at USD 23,500/mt and closed at USD 24,000/mt, up by USD 475/mt from a day earlier, with the highest price at USD 24,100/mt and the lowest price at USD 23,415/mt. Daily trading volumes were 207 lots, down 28 lots. Positions were 19,423 lots, down 645 lots. LME tin inventories were 22,710 mt, up by 150 mt from a day earlier.
LME tin prices largely moved stably last Friday, but rallied at the tail of the trading from Ben Bernnake’s statement. Base metal prices, including LME tin prices, advanced along with rebounding equity market. LME tin prices hit a high of USD 24,100/mt, and closed at USD 24,000/mt, up by USD 475/mt from a day earlier. After successfully breaking through short-day moving average, LME tin prices pointed to 20-day moving average.
Ben Bernnake did not mention QE3 last Friday, but was optimistic towards long-term economic outlook of the US economy. He said, with the short-term negative factors restricting the US economic development gradually waning, the US economic development outlook in 2H 2011 will gradually improve, easing pessimistic expectation over the US economic outlook to certain extent. The US equity market once tumbled after Ben Bernnake’s statement, but rallied rapidly later. The euro and commodity prices also rallied along with rebounding equity market.
LME market will be closed today. In the Shanghai tin spot market, Last Friday’s LME tin price increase will support spot tin prices to certain extent. However, soft demand, coupled with arrival of imported tin will dampen cargo-holders’ confidence to certain extent. In this context, spot tin prices will hard to advance, and will largely move stably between RBM 193,000-195,500/mt on Monday.