SHANGHAI, Sept. 22 (SMM) -- LME tin prices fluctuated lower overnight. During the Asian trading hours, LME tin prices were boosted to advance, but accelerated decline and hit a low of USD 21,516/mt during the European trading hours. At the tail of the trading, LME tin prices failed to pare early losses, ad closed down by USD 680/mt from a day earlier. Market was waiting for result of Federal Reserve monetary policy meeting, but it was widely expected that the result would not boost market. Overall sentiment was still dominated by concern over European debt issue and risk aversion attitude. LME tin inventories were 21,160 mt, up 140 mt from a day earlier.
Traded prices of spot tin from a producer in Jiangxi province fell below RMB 190,000/mt mark, with sluggish sentiment and quiet transactions reported. Traded prices of #1 tin did not change much on Wednesday, largely between RMB 189,000-194,000/mt.
LME tin prices opened low with a gap at RMB 21,700/mt on Thursday, suggesting strong power of shorts. As macro economic condition is relatively bearish, LME tin prices will fall to test USD 22,000/mt on Thursday, with support at USD 21,500/mt. In domestic tin spot market, overnight's LME tin price decline will further drag down spot tin prices. SMM expects that spot tin prices will move in the RMB 189,000-193,500/mt range on Thursday.