SMM Morning Review – 2012/2/28 Tin Market

SMM Insight 09:44:40AM Feb 28, 2012 Source:SMM

SHANGHAI, Feb. 28 (SMM) -LME tin market overnight opened at USD 24,000/mt, with the highest and lowest level of USD 24,185/mt and USD 23,510/mt, respectively. Finally, LME tin market closed at USD 24,150/mt, up USD 300/mt from a day earlier.  Trading volumes were 269 lots, up by 16 lots. Positions were 18,697 lots, up by 167 lots. Inventories were little changed at 10,250 mt.

 

LME tin market fell at first, and then rose. During Asian and earlier European trading hours, LME tin prices slid to USD 23,510/mt, as investors feared that higher oil prices will threaten the fragile global economic recovery, and the European debt issues remain unresolved. During the evening, LME tin market recouped earlier losses due to positive US economic data, with prices finally ending at USD 24,150/mt, up USD 300/mt from a day earlier.

 

Macro-economic news was mixed during the day. German parliament approved a second Greek bailout, and the US released better-than-expected pending home sales and February Dallas Federal Reserve manufacturing activity. Market sentiment, however, did not improve significantly. Later, the S&P cut the outlook for European Financial Stability Facility (EFSF) to negative, and lowered Greece’s rating from CC to selective default. Moreover, G-20 meeting is mixed over the way to rescue Greece. Current market fundamentals are not favorable, and most metals in the LME market overnight closed with limited gains.

 

SMM expects LME tin prices to keep fluctuating, with prices at around USD 24,000/mt. In domestic tin market, prices are stable, and supply of low-priced goods is limited, and transactions of high-priced goods are depressed. Domestic spot tin prices are expected to move between RMB 173,000-175,000/mt on Tuesday.

 

SMM Morning Review – 2012/2/28 Tin Market

SMM Insight 09:44:40AM Feb 28, 2012 Source:SMM

SHANGHAI, Feb. 28 (SMM) -LME tin market overnight opened at USD 24,000/mt, with the highest and lowest level of USD 24,185/mt and USD 23,510/mt, respectively. Finally, LME tin market closed at USD 24,150/mt, up USD 300/mt from a day earlier.  Trading volumes were 269 lots, up by 16 lots. Positions were 18,697 lots, up by 167 lots. Inventories were little changed at 10,250 mt.

 

LME tin market fell at first, and then rose. During Asian and earlier European trading hours, LME tin prices slid to USD 23,510/mt, as investors feared that higher oil prices will threaten the fragile global economic recovery, and the European debt issues remain unresolved. During the evening, LME tin market recouped earlier losses due to positive US economic data, with prices finally ending at USD 24,150/mt, up USD 300/mt from a day earlier.

 

Macro-economic news was mixed during the day. German parliament approved a second Greek bailout, and the US released better-than-expected pending home sales and February Dallas Federal Reserve manufacturing activity. Market sentiment, however, did not improve significantly. Later, the S&P cut the outlook for European Financial Stability Facility (EFSF) to negative, and lowered Greece’s rating from CC to selective default. Moreover, G-20 meeting is mixed over the way to rescue Greece. Current market fundamentals are not favorable, and most metals in the LME market overnight closed with limited gains.

 

SMM expects LME tin prices to keep fluctuating, with prices at around USD 24,000/mt. In domestic tin market, prices are stable, and supply of low-priced goods is limited, and transactions of high-priced goods are depressed. Domestic spot tin prices are expected to move between RMB 173,000-175,000/mt on Tuesday.