SHANGHAI, Feb. 6 (SMM) -- LME tin prices opened at USD 24,000/mt and closed at USD 24,246/mt overnight, up USD 246/mt, with the highest price at USD 24,500/mt and the lowest price at USD 23,900/mt. Daily trading volumes were 321 lots, up 22 lots. Positions were 18986 lots, up 210 lots. LME nickel inventories were 9,240 mt, up 40 mt.
LME tin prices were stable during Asian trading hours last Friday, and climbed to USD 24,500/mt during European trading hours boosted by strong US non-farm payrolls.
Data shows that US unemployment rate in January was 8.3%, lower than the expected 8.5%, while US non-farm payrolls in January increased by 243,000, much higher than the expected 150,000. US stocks and commodity markets strengthened strongly, and the euro weakened due to ongoing European debt crisis. Later, the Institute of Supply Management (ISM) non-manufacturing index was also beating expectations, pushing up commodity prices.
SMM expects LME tin prices to move between USD 23,500-24,000/mt today, with resistance expected at USD 24,500/mt. In domestic spot market, SMM predicts tin prices will fall slightly to between RMB 181,500-185,000/mt given weak domestic consumption.