SHANGHAI, Feb. 23 (SMM) -- LME tin for delivery in three months opened at USD 24,300/mt and closed at USD 24,075/mt overnight, down by USD 166/mt from a day earlier, with the highest price at USD 24,360/mt and the lowest price at USD 24,000/mt. Daily trading volumes were 169 lots, down by 216 lots. Positions were 18,643 lots, down by 160 lots from a day earlier.LME tin inventories were down by 60 mt to 9,945 mt.
LME tin prices were relatively firm and fluctuated narrowly above USD 24,200/mt during Wednesday’s Asian trading hours. During the European trading hours , LME tin prices were weighed down amid bearish sentiment, and closed at USD 24,075/mt, down USD 166/mt from a day earlier due to lower-than-expected PMI from major economies and downgrade adjustment of Greek credit rating.
It was reported on February 22nd that HSBC’s China initial PMI was 49.7, still below 50 mark, and PMI from Germany and France also lingered around 50, below market expectation. In addition, Fitch’s put Greek issuer default rating of its long-term domestic and foreign currency from CCC to C, and put Greek short-term foreign currency credit rating to C, weighing on financial markets. The European and US equity markets closed with slight losses and LME nickel prices ended mixed overnight.
Market sentiment was neutral as concern over the Greek debt issued eased to certain extent, and SMM expects that LME tin prices will fluctuate narrowly and will continue to test sustainability at USD 24,000/mt on Thursday. In China’s domestic tin spot market, SMM expects that spot tin prices will remain stable in the RMB 172,000-176,000/mt range on Thursday since LME tin prices are relatively stable and domestic fundamentals of tin have not changed significantly.