SHANGHAI, Feb. 29 (SMM) -- LME tin for delivery in three months opened at USD 24,050/mt and closed at USD 24,125/mt overnight, down by USD 25/mt from a day earlier, with the highest price at USD 24,199/mt and the lowest price at USD 23,900/mt. Daily trading volumes were 346 lots, up by 77 lots. Positions were 18,921 lots, up by 224 lots from a day earlier.LME tin inventories were 10,250 mt, unchanged from a day earlier.
LME tin prices fluctuated narrowly around USD 24,000/mt and finally closed at USD 24,125/mt, down USD 25/mt from a day earlier. Disappointing durable goods orders from the US weighed on LME tin prices to close with slight losses, despite of ECB’s LTRO.
Transactions improved in global major base metal markets on Tuesday as the US Richmond Fed Manufacturing Index and Conference Board Consumer Confidence Index were both better than market expectation. In general, the upbeat data from the US suggests that the US economy is recovering, boosting market optimism. In response, the US equity market and LME base metal prices largely closed with gains overnight. It is expected that market sentiment is moderate before release of China’s PMI on Wednesday.
The development of European debt crisis will continue to affect base metal market. Coupled with no significant improvements in the US economy, SMM expects that LME tin prices will continue to fluctuate around USD 24,000/mt on Wednesday. In domestic tin spot market, it is expected that spot tin prices will remain stable between RMB 173,500-175,000/mt on Wednesday.