SHANGHAI, Feb. 27 (SMM) -- LME tin prices opened at USD 24,150/mt and closed at USD 23,850/mt last Friday night, down USD 300/mt from a day earlier, with the highest price at USD 24,195/mt and the lowest price at USD 23,830/mt. Daily trading volumes were 253 lots, up 94 lots. Positions were 18,530 lots, up 125 lots. LME tin inventories were 10,250 mt, up 410 mt from a day earlier.
Boosted by the news that Greece officially offered debt swap invitation to its private creditors, the euro rallied last Friday. In addition, the US announced better-than-expected consumer confidence index, fueling risk appetite and sending most LME base metal prices higher.
No solid news is expected to be released in the short term. In addition, LME tin prices meet strong resistance to climb further. SMM expects that LME tin prices will continue to struggle around USD 24,000/mt on Monday. In the Shanghai tin spot market, supply of low-priced goods reduced significantly, so prices are expected to advance slightly. SMM expects that spot tin prices will largely move in the RMB 172,500-175,500/mt range on Monday.