SHANGHAI, Feb. 24 (SMM) -- LME tin for delivery in three months opened at USD 24,198/mt and closed at USD 24,150/mt overnight, up by USD 75/mt from a day earlier, with the highest price at USD 24,225/mt and the lowest price at USD 23,825/mt. Daily trading volumes were 159 lots, down by 10 lots. Positions were 18,405 lots, down by 238 lots from a day earlier.LME tin inventories were down by 105 mt to 9,840 mt.
LME tin prices fell slightly and largely struggled around USD 24,000/mt. At the tail of the trading, LME tin prices pared certain losses, and closed at USD 24,150/mt, up USD 75/mt from a day earlier.
News came mixed overnight. It was reported that the US initial jobless claim in the week ending on February 23rd was better than market expectation, boosting the US equity market. European Commission warned that the eurozone economy slipped in to recession again in early 2012, and is expected to contraction 2012. Meanwhile, it also cut 2012 GDP forecast on Italy, Spanish, and Greece, weighing on European equity markets. In this context, LME base metal prices were weighed and largely closed with losses.
Market concern over the European debt crisis has eased to certain extent after the second round bailout plan was approved, but concern over the economy in the entire euro zone will lingers, weighing on base metal market.LME tin prices are expected to continue fluctuation trend and will move around USD 24,000/mt on Friday. In domestic tin spot market, it is expected that spot tin prices will remain stable between RMB 172,000-175,500/mt on Friday.