SHANGHAI, Nov.7 (SMM) -- LME tin prices opened at USD 22,075/mt and closed at USD 22,100/mt last Friday, up USD 25/mt from a day earlier, with the highest price at USD 22,165/mt and the lowest price at USD 21,960/mt. Daily trading volumes were 56 lots, down 92 lots. Positions were 15,825 lots, up 86 lots. LME tin inventories were 15,130 mt, down 560 mt from a day earlier.
Last Friday, LME tin prices slightly fluctuated higher to close at USD 22,100/mt, up USD 25/mt from a day earlier. The US non-farm employment report revealed that the US labor market did not recover as expected. In addition, the G20 summit ended Friday with little progress made on helping resolve the European sovereign debt crisis, fueling investors' concern over the European debt crisis and the European economy.
The US non-farm employment data released on November 4th was lower than market expectation. However, as market players had certain preparation for possible weak non-farm employment data, market sentiment was not weighed significantly down by release of such data. However, concern over the European debt crisis still haunted market. In addition, the G20 summit ended Friday with little progress made on helping resolve the European sovereign debt crisis, with few countries committing euro zone rescue fund. These factors fueled market concern over economic recovery at various countries, and LME base metal prices ended mixed last Friday. The euro zone finance ministers’ meeting will be held in recent two days, which will discuss implementation details of previously-discussed relief measures. In China’s domestic market, positive policies will be gradually released. China’s stock market has advanced, indicating positive outlook for liquidity. The rally in China’s stock market will boost commodity market, which will support base metal market in return.
Close attention should be paid to the euro zone finance ministers’ meeting scheduled on Monday and Tuesday, which will discuss implementation details of previously-discussed relief measures and will affect base metal market movement. SMM expected that LME tin prices will remain fluctuation trend to move around USD 22,000/mt on Monday. In China’s spot tin market, stable LME tin price movement may support spot tin prices to certain extent and may hard to slip in the short term. SMM expects that spot tin prices will move in the RMB 179,500-181,500/mt range on Monday.