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SMM Morning Review – 2011/9/1 Tin Market
Sep 1,2011 09:47CST
price review forecastsmm insight
Source:SMM
SMM expects that spot tin prices will move in the RMB 194,500-196,500/mt range on Thursday.

SHANGHAI, Sept. 1 (SMM) -- LME tin prices opened at USD 24,000/mt and closed at USD 24,255/mt overnight, up by USD 255/mt from a day earlier, with the highest price at USD 24,475/mt and the lowest price at USD 24,000/mt. Daily trading volumes were 166 lots, down 114 lots. Positions were 18,820 lots, down 678 lots. LME tin inventories were 22,625 mt, down by 155 mt from a day earlier.

Boosted by positive US economic data and rebounding equity market, LME tin prices fluctuated higher to break through 20-day moving average, and hit a high of USD 24,475/mt. Finally, LME tin prices closed at USD 24,255/mt, up by USD 255/mt from a day earlier. Transactions were relatively quiet, as market sentiment was cautious before release of Friday’s non-farm employment payroll number. 

On Wednesday, ADP employment data for August was slightly lower than expected. However, the Chicago PMI for August and monthly rate of factory orders for July were far better than expectation. Positive economic data from the US boosted market sentiment, with equity markets in both the US and EU rallied. Exchange market remained cautiously before release of Friday’s non-farm employment payroll number. The euro was slightly dragged down by weak employment data in the euro zone, while the US dollar closed with slightly gains. U.S. crude oil price fell on Wednesday as U.S. crude inventories increased sharply last week, but better-than-expected economic data limited the loss, with prices finally closing largely flat. Gold prices fell to certain extent.

Market sentiment is boosted by overnight's positive economic data, and market is waiting for China’s PMI today. It is expected that players will remain cautious before release of Friday’s US non-farm employment payroll number and LME tin prices are expected fluctuated higher to point USD 25,000/mt. In the Shanghai tin spot market, rebound in LME tin prices will boost spot tin prices to certain extent, and spot tin prices will slightly rebound as well. SMM expects that spot tin prices will move in the RMB 194,500-196,500/mt range on Thursday.
 

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