SHANGHAI, Feb. 3 (SMM) -- LME tin for delivery in three months opened at USD 24,300/mt and closed at USD 24,000/mt overnight, down by USD 300/mt from a day earlier, with the highest price at USD 24,400/mt and the lowest price at USD 23,950/mt. Daily trading volumes were 299 lots, down by 88 lots. Positions were 18,776 lots, up by 458 lots from a day earlier. LME tin inventories were up by 25 mt to 9,200 mt.
LME tin prices were relatively stable around USD 24,200/mt during the Asian trading hours, and hit a low to close at USD 24,000/mt during the European trading hours, down USD 300/mt from a day earlier. Investors concerned possible debt default from Greece and were cautious before announcement of the US non-farm employment data.
According to data from ADP on Thursday, the US last week initial jobless claim reduced by 12,000 to 367,000, slightly higher than market expectation. In addition, Bernanke expressed frustration at the slow pace of economic recovery. What’s more, uncertainties over talk between Greek government and private creditors weighed on LME base metal prices. Market focus will shift to the US January non-farm employment data, and traders are becoming cautious before outcome of such data.
Upward momentum of LME tin prices slipped to certain extent after fluctuating at high levels for a long time, and SMM expects that LME tin prices will meet resistance at USD 24,500/mt, and will find support at USD 23,000/mt on Friday. In domestic tin spot market, it is expected that spot tin prices will remain stable between RMB 182,000-185,000/mt on Friday.