Home / Metal News / Copper / SMM Morning Review – 2011/9/9 Tin Market
SMM Morning Review – 2011/9/9 Tin Market
Sep 9,2011 09:55CST
price review forecast
SMM expects that spot tin prices will move in the RMB 194,500-197,000/mt range on Friday.

SHANGHAI, Sept. 9 (SMM) -- LME tin prices opened at USD 24,350/mt and closed at USD 24,400/mt overnight, unchanged from a day earlier, with the highest price at USD 24,750/mt and the lowest price at USD 24,255/mt. Daily trading volumes were 223 lots, down 105 lots. Positions were 18,639 lots, down 222 lots. LME tin inventories were 21,855 mt, up 100 mt from a day earlier.

LME tin prices fluctuated higher overnight. Prices were relatively stable during the Asian trading hours. During the early European trading hours, LME tin prices fluctuated narrowly below USD 24,500/mt, but were boosted to USD 24,750/mt from upbeat economic data from the US during the late European trading hours. However, LME tin prices fell to close at USD 24,400/mt at the tail of the trading, flat from a day earlier, suggesting certain resistance at USD 24,500/mt. The narrowed trade deficit from the US boosted the country's economic outlook in 3Q. 

On Thursday, risk appetite was boosted to certain extent from optimistic expectation of Obama’s job stimulus plan, but market sentiment deteriorated later as Jean-Claude Trichet hinted to increase liquidity and Ben Bernake delivered pessimistic statement over the US economic outlook. In addition, market sentiment was cautious before release of job stimulus plan. The euro was weighed down, while the US dollar advanced. The US equity markets closed with slight losses, while the European equity markets were firm. The gold rallied, paring previous losses. Crude oil slipped slightly, supported by decline of EIA inventory. LME base metal prices slipped to certain extent, but finally closed with gains across the board.  President Obama had announced to inject USD 447 billion mt for his jot stimulus plan, which will boost market sentiment. Market is waiting for China’s CPI for August to be released today.

LME tin prices will continue to fluctuate, and will meet resistance at USD 24,500/mt on Friday. In the Shanghai tin spot market, as LME tin prices meet resistance to advance further, and since domestic demand was soft, SMM expects that spot tin prices will move in the RMB 194,500-197,000/mt range on Friday. 

tin price; tin;

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news