SHANGHAI, Sept. 14 (SMM) -- LME tin prices opened at USD 23,662/mt and closed at USD 23,610/mt overnight, down by USD 15/mt from a day earlier, with the highest price at USD 23,840/mt and the lowest price at USD 23,410/mt. Daily trading volumes were 170 lots, down 257 lots. Positions were 18,500 lots, down 25 lots. LME tin inventories were 21,465 mt, down 145 mt from a day earlier.
LME tin prices move stably between USD 23,500-23,800/mt overnight. Prices once slipped to USD 23,410/mt, but later rapidly returned above USD 23,500/mt. Finally, LME tin prices closed at USD 23,610/mt, down USD 15/mt from a day earlier.
The European debt crisis is still market focus. Positive statement from the European Central Bank and Germany officials eased market concern to certain extent. In addition, China also reiterated its stance to continue supporting EU countries to cope with European debt crisis, and will continue to invest Europe. In response, the US equity markets closed with gains across the board, and the US index ended with slight losses. NYMEX crude oil for delivery in October was boosted to close above USD 90/barrel, owing to decline in EIA crude oil inventory, while London spot gold closed with moderate gains.
Based on current performance, LME tin prices failed to break through USD 24,000/mt. Haunted by intensifying concern over European debt crisis, LME tin prices will continue fluctuating below USD 24,000/mt on Wednesday. In the Shanghai tin spot market, spot tin prices slipped to certain extent overnight, owing to arrival of low-priced tin from Jiangxi province. SMM expects that spot tin prices will move in the RMB 193,000-196,500/mt range on Wednesday.