SHANGHAI, Feb. 15 (SMM) -- LME tin for delivery in three months opened at USD 25,000/mt and closed at USD 24,500/mt overnight, down by USD 459/mt from a day earlier, with the highest price at USD 25,100/mt and the lowest price at USD 24,300/mt. Daily trading volumes were 411 lots, up by 233 lots. Positions were 19,412 lots, down by 634 lots from a day earlier.LME tin inventories were up by 110 mt to 9,300 mt.
LME tin prices slipped sharply to fluctuate around USD 24,500/mt after moving around USD 25,000/mt during the morning trading hours, and hit a low at USD 24,300/mt at the tail of the trading due to the bearish sentiment and weak-than-expected economic data from the US. Finally, LME tin prices closed at USD 24,500/mt, down USD 459/mt from a day earlier.
Officials from the European Union revealed that the related documents for the Greek bailout were not fully prepared yet, and European financial ministers meeting scheduled on Wednesday shall not be held, fueling market negative expectation over the Greek debt issue. In addition, the January retail sales from the US were lower than market expectation, further stoking bearish sentiment. In response, most LME base metal prices closed with losses on Tuesday.
Bearish sentiment grew due to slow progress in solving the European debt crisis and the weak economic data from the US. Thus, LME tin prices face risks to fall further, with support at USD 24,000/mt on Wednesday. In the Shanghai tin spot market, SMM expects that spot tin prices will slip to move in the RMB 175,000-181,500/mt range on Wednesday, due to LME tin price decline and sluggish demand in spot market.